Connecticut Senate Bill SB00206

Connecticut 2019 Regular Session

• Introduced: 1/23/19
• Refer: 1/23/19

Caption

An Act Increasing The Property Tax Credit.

Impact

If enacted, SB00206 would directly affect the financial obligations of homeowners and vehicle owners in the state, offering them substantial savings on their property tax bills. This increase in the tax credit could help alleviate some of the financial pressures associated with home and vehicle ownership, allowing families to allocate resources towards other essential needs. The potential increase in disposable income might also stimulate local economies through increased consumer spending.

Summary

Senate Bill 00206 proposes an increase to the property tax credit available to taxpayers, specifically for those paying taxes on their primary residence or motor vehicles. The bill seeks to amend section 12-704c of the general statutes to increase the maximum property tax credit from its current amount to five hundred dollars. This financial adjustment is aimed at providing relief to homeowners and vehicle owners struggling with property tax costs, particularly in the current economic climate where many households are facing financial strain.

Contention

As with many tax reform measures, SB00206 may encounter debate among lawmakers. Supporters of the bill are likely to argue that enhancing the property tax credit is a necessary step to support families and enhance affordability in housing and transportation. Conversely, critics may express concerns regarding the implications of reduced revenue for local governments, which could affect public services and infrastructure funding. The balance between providing tax relief and ensuring adequate funding for essential services may become a focal point of discussion as the bill progresses through legislative channels.