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Connecticut Public Acts 1996

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Senate Bill No. 473

PUBLIC ACT NO. 96-107

AN ACT SPECIFICALLY EXEMPTING CONNECTICUT INNOVATIONS, INCORPORATED FROM PROPERTY TAXES.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Section 32-46 of the general statutes is repealed and the following is substituted in lieu thereof:

The corporation shall be and is hereby declared exempt from all franchise, corporate business PROPERTY and income taxes levied by the state OR ANY MUNICIPALITY, provided nothing herein shall be construed to exempt from any such taxes, or from any taxes levied in connection with the manufacture or sale of any products which are the subject of any agreement made by the corporation, any person entering into any agreement with the corporation.

Sec. 2. This act shall take effect July 1, 1996.

Approved May 24, 1996. Effective July 1, 1996.

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