CT HB05176

Enacts a state-wide municipal income tax on high earners with thresholds of $500,000 for married couples, $396,000 for heads of household, and $265,750 for individuals.

Allows qualified property taxpayers to receive property tax reductions if their property taxes on a home and up to two motor vehicles exceed their state income taxes.

Reduces property taxes of qualified taxpayers by three-quarters of the difference between their pre-reduction property taxes and state income taxes.

Sets the income tax rate to generate sufficient revenue to fund all property tax relief provisions and refund municipalities for lost property tax revenue.

Provides additional property tax relief for certain distressed small towns not otherwise benefiting from the tax fairness provisions.