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CT SB00030
Bill
Status
2/14/2022
Primary Sponsor
Martin Looney
Click for details
AI Summary
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Reduces the maximum mill rate cap on motor vehicle property taxes from 45 mills to 30 mills, effective for fiscal years beginning July 1, 2022
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Establishes a five-year phase-out of state reimbursements to municipalities for lost revenue resulting from the lower cap
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FY 2022-23: 100% reimbursement of the difference between taxes at the old rate and the new 30-mill cap
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FY 2023-24 through FY 2026-27: Reimbursement decreases by 20 percentage points annually (80%, 60%, 40%, 20%)
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Reimbursements end after fiscal year commencing July 1, 2026
Legislative Description
An Act Lowering The Mill Rate Cap For Motor Vehicle Property Tax And Concerning Reimbursements To Municipalities For Lost Revenue.
Last Action
Referred to Joint Committee on Planning and Development
2/14/2022