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CT HB06744

CT HB06744
An Act Requiring The Indexing Of The Property Tax Exemption Amount For Farm Machinery.


summary

Introduced
01/27/2025
In Committee
01/27/2025
Crossed Over
Passed
Dead
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)

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