Connecticut HB5093: AN ACT CONCERNING THE REBASING OF THE EDUCATION COST SHARING GRANT FORMULA FOR PURPOSES OF PROPERTY TAX RELIEF.

What the bill says

An act CONCERNING THE REBASING OF THE EDUCATION COST SHARING GRANT FORMULA FOR PURPOSES OF PROPERTY TAX RELIEF. Assembly convened: That (1) subdivision (9) of section 10-262f of the general statutes be amended to redefine "foundation" by (A) phasing in an increase of the amount of the foundation from eleven thousand five hundred twentyfive dollars to eighteen thousand six hundred eighty-one dollars over a five-year period, and (B) adding a provision that adjusts such amount in accordance with inflation, and (2) the general statutes be amended to allow municipalities to reduce property tax rate.

From the introduced text:

AN ACT CONCERNING THE REBASING OF THE EDUCATION COST SHARING GRANT FORMULA FOR PURPOSES OF PROPERTY TAX RELIEF. Assembly convened: That (1) subdivision (9) of section 10-262f of the general statutes be amended to redefine "foundation" by (A) phasing in an increase of the amount of the foundation from eleven thousand five hundred twentyfive dollars to eighteen thousand six hundred eighty-one dollars over a five-year period, and (B) adding a provision that adjusts such amount in accordance with inflation, and (2) the general statutes be amended to allow municipalities to reduce property tax rates so that the reduction in property tax revenue is equal to the amount of the increase in equalization aid grant funding. LCO No. 833 1 of Proposed Bill No. 5093 Statement of Purpose: To reduce local property taxes by rebasing the education cost-sharing grant formula by increasing the foundation amount and adjusting for inflation. LCO No. 833 2 of

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Sponsors

• Vincent Candelora (R, 86) · primary sponsor
• Tom O'Dea (R, 125)
• David Rutigliano (R, 123)
• (R, 8)