The proposed bill, General Assembly Proposed Bill No. 1201, seeks to amend chapter 208 of the general statutes by disallowing corporations from claiming deductions related to commercial real property that has been vacant for more than three years when calculating their operating loss under section 12-217. This change aims to prevent corporations from benefiting financially from long-term vacant properties, thereby encouraging better utilization of commercial real estate.

The bill introduces new legal language that specifically prohibits these deductions, while no existing legal language is deleted. The intent behind this legislation is to promote economic activity and discourage the neglect of commercial properties, which can have negative impacts on local communities and economies.