Connecticut HB05174 provides $4 million annually to New London for lost tax revenue from Coast Guard Academy.
Connecticut HB05174 amends the general statutes to require an annual payment of four million dollars to the city of New London. This payment is intended to compensate for the lost property tax revenue due to the presence of private tax-exempt property owned by the United States Coast Guard Academy. The bill aims to better reflect the financial impact on the city caused by the tax exemption of this federal property.
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