Planning and Development Committee

JOINT FAVORABLE REPORT

Bill No.:

HB-5140

Title:

AN ACT CONCERNING PROPERTY TAX RELIEF ON CERTAIN REAL PROPERTY HELD IN TRUST.

Vote Date:

3/12/2014

Vote Action:

Joint Favorable Change of Reference to Finance, Revenue and Bonding

PH Date:

2/21/2014

File No.:

SPONSORS OF BILL:

Planning and Development

Co-Sponsor

Representative John K. Hampton 16th

REASONS FOR BILL:

This bill will provide property tax relief to an elderly or disabled person whose property is held in trust on their behalf as long as they occupy the property

RESPONSE FROM ADMINISTRATION/AGENCY:

None Expressed

NATURE AND SOURCES OF SUPPORT:

Drew & Meresereau, P.C.

This law firm supports this bill. A trust is an important part of estate planning. It is not only for the wealthy. The trust creates a plan for the possibility of the Donor becoming incapable of managing his own financial affairs during his lifetime.

NATURE AND SOURCES OF OPPOSITION:

Connecticut Conference of Municipalities (CCM)

CCM believes this bill is a “de facto mandate. This is a proposal that would provide municipalities with the option to expand local eligibility for properties that could become tax exempt. This would have a negative fiscal impact on local municipalities.

Reported by: Judith Walter

Date: March 26, 2014