"AN ACT CONCERNING PROPERTY TAX RELIEF FOR CERTAIN ELDERLY HOMEOWNERS. "

After the last section, add the following and renumber sections and internal references accordingly:

"Sec. 501. (NEW) (Effective July 1, 2006) For assessment years commencing on and after October 1, 2009, in the event the payment to municipalities from the state pursuant to section 13 of senate bill 702 of the current session, is reduced below a reimbursement level of eighty per cent of the property tax due, because the total of such payments in a year exceeds the amount appropriated for the purposes of said section 13 with respect to such year, any municipality may, by vote of its legislative body, levy a tax due with respect to such machinery and equipment, in an amount equal to not more than the difference between eighty per cent of the property tax payable for such machinery and equipment and the amount of the payment received by the municipality from the state. "