HB 5573 Summary

• Allows municipalities to elect non-participation in the circuit breaker tax relief program under section 12-170aa for up to two assessment years if state reimbursement is reduced by more than 100% or insufficient funds are appropriated.

• Requires municipalities electing non-participation to continue providing previously-approved tax reductions for their duration and must notify affected residents and the Secretary of the Office of Policy and Management of the election.

• Municipalities may rejoin the program in the assessment year immediately following their non-participation period and may make subsequent elections if conditions warrant.

• Modifies section 12-120b to include tax relief under section 12-170aa (as amended) within the programs subject to Secretary review and appeal procedures, but only for municipalities actively participating in the program.

• All amendments take effect July 1, 2018, and apply to assessment years commencing October 1, 2018, and thereafter.