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SB 755 Connecticut Senate · 2025 Regular Session

AN ACT ESTABLISHING A TAX CREDIT FOR THE CONSTRUCTION OF RESIDENTIAL UNITS ABOVE RETAIL PROPERTY.

SB 755 establishes a tax credit for developers who build residential units above existing retail properties. The credit equals 10% of construction costs for each additional floor (up to three floors), applied against the corporation business tax. This directly affects developers constructing mixed-use buildings where residential space is added above retail storefronts. The policy change modifies tax incentives to encourage such development by reducing costs for qualifying projects.
Issues: ✗ Budget & TaxesOpposes Budget & TaxesBill creates tax credit reducing state revenue for developers, weakening tax base. Aligns with 'oppose' indicators of tax breaks for wealthy developers.85% confidence ✓ HousingSupports HousingTax credit incentivizes residential construction above retail, directly encouraging housing development to increase supply through financial incentives.85% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2025
Committee Review
Floor Vote
Governor
Introduced Jan 17, 2025 Last action Jan 17, 2025
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Total actions
1
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Committee
1
Jan 17, 2025
Committee
REF. TO JOINT COMM. ON Housing
upper
0 primary · 0 co-sponsors

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