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Bill > HB06744
CT HB06744
CT HB06744An Act Requiring The Indexing Of The Property Tax Exemption Amount For Farm Machinery.
summary
Introduced
01/27/2025
01/27/2025
In Committee
01/27/2025
01/27/2025
Crossed Over
Passed
Dead
06/04/2025
06/04/2025
Introduced Session
2025 General Assembly
Bill Summary
To require the dollar amount of the property tax exemption for farm machinery to be indexed to reflect the rate of inflation.
AI Summary
This bill proposes to amend section 12-91 of the general statutes to automatically adjust the property tax exemption for farm machinery based on inflation. Currently, the property tax exemption for farm machinery likely has a fixed dollar amount that does not change over time. By indexing the exemption to inflation, the bill ensures that the tax break for farmers keeps pace with rising costs, maintaining its real-world value. The goal is to provide consistent financial support to farmers by preventing the gradual erosion of the tax exemption's purchasing power due to inflation. This means that as the cost of goods and services increases each year, the dollar amount of the property tax exemption will be automatically increased by a corresponding rate, helping to support agricultural businesses and protect them from increasing tax burdens.
Committee Categories
Budget and Finance, Housing and Urban Affairs
Sponsors (1)
Last Action
Change of Reference, Senate to Committee on Finance, Revenue and Bonding (on 02/10/2025)
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB06744&which_year=2025 |
BillText | https://www.cga.ct.gov/2025/TOB/H/PDF/2025HB-06744-R00-HB.PDF |
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