OLR Bill Analysis

HB 5740

AN ACT ALLOWING CERTAIN MUNICIPALITIES TO CREATE PROPERTY TAX RELIEF PROGRAMS FOR GRADUATES OF CERTAIN EDUCATIONAL INSTITUTIONS LOCATED IN CONNECTICUT.

SUMMARY

This bill authorizes the eight largest cities by population (Bridgeport, New Haven, Stamford, Hartford, Waterbury, Norwalk, Danbury, and New Britain) to establish by ordinance a property tax relief program for first-time homebuyers who are recent graduates of a college or university, health care training school, or technical high school. The ordinance must specify the program's parameters, which may include (1) a cap on tax relief provided on an individual or aggregate basis and (2) limiting tax relief to those homebuyers who purchase homes in certain areas of the municipality.

EFFECTIVE DATE: July 1, 2017

COMMITTEE ACTION

Housing Committee

Joint Favorable

Yea

12

Nay

1

(03/07/2017)