CT SB01554

Establishes a "municipal offset vehicle expense account" funded by transfers from the General Fund when the Comptroller certifies decreases in actuarially determined employer contributions for state employee and teacher retirement systems, beginning fiscal year ending June 30, 2028

Phases out the property tax on motor vehicles starting fiscal year ending June 30, 2029 by incrementally exempting portions of assessed vehicle value each year until the tax reaches zero, with municipalities receiving reimbursement grants for lost revenue

Requires the Secretary of the Office of Policy and Management to notify municipal chief executives by September 1, 2027, and each September 1 thereafter, of exemption amounts and grant payments

Distributes remaining account funds after motor vehicle tax elimination as follows: 50% based on a municipal needs capacity gap metric (using May 2015 New England Public Policy Center methodology) and 50% on a per capita basis using the most recent federal decennial census

Mandates annual reporting to the General Assembly beginning fiscal year ending June 30, 2028, detailing account balances, exemption amounts, reimbursement grants to each municipality, and related grant data