CT HB05288

Amends section 12-701 of the general statutes to create a $25,000 annual personal income tax deduction for homeowners whose concrete foundations have deteriorated due to pyrrhotite.

Limits deduction eligibility to homeowners who have not received financial assistance from the Crumbling Foundations Assistance Fund.

Allows homeowners to claim the deduction annually for up to five years or until the foundation is repaired or replaced, whichever occurs first.

Referred to the Committee on Finance, Revenue and Bonding during the January 2021 session.