Tax & Accounting Blog

Property Tax Exemption for Recycling Machinery or Equipment in Connecticut

Blog, ONESOURCE, ONESOURCE Property Tax July 24, 2013

New Connecticut legislation allows municipalities (if adopted by local ordinance) to provide an exemption from property tax for any machinery or equipment used in connection with recycling that is installed on or after October 1, 2013. The exemption only applies to the increased value to commercial or industrial property that is attributable to such machinery or equipment and is only for the first 15 assessment years following installation. The legislation is effective 10/1/2013 and applicable to assessment years commencing on or after that date. (L. 2013, S1081 (P.A. 285)).