Connecticut House Bill HB05288

Connecticut 2021 Regular Session

• Introduced: 1/22/21
• Refer: 1/22/21

Caption

An Act Establishing A Personal Income Tax Deduction For Certain Homeowners With Crumbling Foundations.

Impact

If enacted, HB05288 will create a new tax benefit intended to alleviate some of the financial burdens faced by affected homeowners. The deduction would be applicable for a period of five years or until the foundation is repaired or replaced, thereby ensuring ongoing support for taxpayers dealing with this specific issue. The legislation reflects a growing recognition of the challenges posed by crumbling foundations within certain communities, particularly those where pyrrhotite is prevalent in local concrete mixtures.

Summary

House Bill 05288 aims to provide financial relief to homeowners whose concrete foundations have deteriorated due to the presence of pyrrhotite. The proposed legislation establishes a personal income tax deduction of $25,000 for eligible homeowners. To qualify for this deduction, homeowners must not have received any assistance from the Crumbling Foundations Assistance Fund. This measure is particularly targeted towards individuals facing significant repair costs associated with crumbling foundations resulting from this specific mineral problem.

Contention

While the bill offers essential financial relief, it may also draw scrutiny regarding its fiscal implications and implementation. Notably, there could be discussions surrounding the adequacy of the Crumbling Foundations Assistance Fund and whether it is sufficient to meet the needs of all affected homeowners. Critics might raise points about the state’s responsibility in addressing these infrastructure concerns and the potential long-term costs associated with maintaining a deduction that could extend over several years.