Connecticut Senate Bill SB00708

Connecticut 2015 Regular Session

• Introduced: 1/23/15
• Refer: 1/23/15

Caption

An Act Establishing A Revolving Loan Fund To Assist Elderly Taxpayers.

Impact

If passed, SB 708 would modify existing state laws to establish a dedicated revolving fund specifically for this purpose. The fund would offer borrowers flexible repayment terms, creating a safety net for elderly homeowners unable to meet their tax obligations. This could mitigate the potential revenue losses faced by municipalities due to delinquent taxes, as elderly residents might be less likely to fall behind on their payments when loans are available to assist them.

Summary

Senate Bill 708, titled 'An Act Establishing a Revolving Loan Fund to Assist Elderly Taxpayers', aims to help elderly homeowners manage their property tax obligations. The initiative seeks to create a revolving loan fund that allows eligible elderly taxpayers to borrow funds to cover their property tax bills, thereby alleviating financial stress and preventing tax delinquency. This loan assistance is designed to enable elderly residents to maintain home ownership in their later years, addressing a pressing concern for many retirees living on fixed incomes.

Contention

Discussions around SB 708 may include debates on the implications of such a loan program on state budgets and the overall administration of tax laws. Advocates argue that the fund would not only support the elderly but also stabilize municipal finances by decreasing instances of tax delinquency. Critics might raise concerns around the sustainability of funding for the loan program and whether it adequately addresses the underlying issues of affordability for elderly homeowners, particularly those with minimal income. There's a potential divide between those who see this as a necessary support mechanism for vulnerable populations and those who may view it as an insufficient solution to the broader challenges facing senior citizens.