Connecticut Senate Bill SB00622

Connecticut 2013 Regular Session

• Introduced: 1/24/13
• Refer: 1/24/13

Caption

An Act Concerning Low Interest Loans To Municipalities To Provide Property Tax Relief To Seniors.

Impact

The enactment of SB00622 is expected to have a significant impact on state laws related to property taxation, particularly in how municipalities can assist senior citizens. By providing municipalities with access to low-interest loans, the bill aims to alleviate the financial burden that property tax relief can impose on local governments. This could lead to a more sustainable approach in managing property taxes, especially for towns struggling with their budgets whilst trying to protect vulnerable populations such as the elderly.

Summary

SB00622, titled 'An Act Concerning Low Interest Loans To Municipalities To Provide Property Tax Relief To Seniors,' aims to support municipalities in offering property tax relief benefits specifically to elderly homeowners. The primary mechanism proposed by this bill is the establishment of a revolving loan fund managed by the Department of Economic and Community Development. This fund would provide low interest loans to municipalities to help them finance property tax relief until the benefits are fully disbursed to the eligible seniors.

Contention

While many stakeholders may support the intent of SB00622, particularly in its aim to relieve property taxes for the elderly, there may be discussions surrounding the implications of establishing a loan fund. Critics might raise concerns about the potential long-term financial strain on state and local governments with increased debt or question the management of the revolving loan fund. Proponents, however, are likely to highlight the necessity of the bill in addressing the rising costs of living for seniors, thus positioning it as a much-needed intervention.