Connecticut Senate Bill SB00415

Connecticut 2017 Regular Session

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

Caption

An Act Increasing The Property Tax Credit Under The Personal Income Tax For A Primary Residence Or Motor Vehicle.

Impact

If enacted, this bill would significantly alter the existing personal income tax structure by broadening the property tax credit. Increasing the credit limits impacts households across the state, particularly benefiting lower and middle-income families who typically feel the sting of property taxes more acutely. By providing unambiguous tax relief, the bill is expected to alleviate some financial pressure and promote greater equity within the state’s tax framework, especially for homeowners and individuals who own vehicles.

Summary

Senate Bill 00415 proposes an increase to the property tax credit applicable against the personal income tax for owners of primary residences or motor vehicles. Specifically, the bill aims to raise the maximum allowable credit to $350 for the tax year beginning January 1, 2018, and to $500 for taxable years commencing on or after January 1, 2019. This change is positioned as a measure to provide financial relief to residents who are struggling with property tax burdens, thus enhancing the overall financial wellbeing of those affected.

Contention

Despite the potential benefits, the bill may face some contention among lawmakers regarding the financial implications for state revenue. Critics may argue that increasing these tax credits could lead to budgetary strain or a reduction in funds available for other essential state services. Additionally, discussions could arise about whether the proposed credits provide adequate support for the most vulnerable populations, or if adjustments are needed to prioritize additional assistance for those facing the greatest property tax burdens.