HB05407

Connecticut HB05407 establishes a reimbursement process for municipalities losing tax revenue due to property tax exemptions for veterans with a 100%.

Connecticut HB05407 amends the state's statutes to create a reimbursement mechanism for municipalities affected by the property tax exemption for veterans with a 100% permanent and total disability rating. The bill requires municipalities to submit claims to the Secretary of the Office of Policy and Management for lost revenue. The Secretary will review these claims and certify the amounts due to the Comptroller by December 15 each year. The bill takes effect on January 1, 2027, and includes a penalty for municipalities that fail to submit claims, which can be waived by the Secretary.