Connecticut Senate Bill SB00388

Connecticut 2017 Regular Session

• Introduced: 1/19/17
• Refer: 1/19/17

Caption

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

Impact

The implementation of SB00388 would have significant implications for state laws governing property taxes and the support of elderly citizens. By creating a mechanism for financial relief, the bill seeks to mitigate the financial burden that often falls on older homeowners. In doing so, it not only addresses immediate fiscal challenges but also enhances the potential for home retention among vulnerable populations. The establishment of this fund could also set a precedent for future financial support mechanisms aimed at assisting other demographic groups facing economic hardships.

Summary

SB00388 proposes the establishment of a revolving loan fund designed to assist elderly homeowners who find themselves unable to keep up with property tax payments. The intent of the bill is to support senior citizens, who may be on fixed incomes, in managing their financial obligations and preserving their homes. By providing access to this loan fund, the bill aims to alleviate the stress that can come from tax delinquency among this demographic, thus promoting community stability and preventing displacement.

Contention

Potential points of contention around SB00388 may arise from discussions regarding the funding sources for the revolving loan fund and the eligibility criteria for borrowers. Critics might argue about the sustainability of such a program, questioning how it will be financed and whether it could lead to increased taxpayer burdens in other areas. Additionally, some may express concern about the implications for local government revenues, as property taxes represent a critical source of funding for various public services. Overall, the bill emphasizes the need for discussions about balancing support for the elderly with fiscal responsibility.