The proposed bill, General Assembly Proposed Bill No. 6424, aims to amend title 12 of the general statutes to introduce a property tax abatement specifically for shopping malls that are converted into residential properties. This initiative is designed to encourage the repurposing of underutilized commercial spaces into housing, addressing both economic and housing needs within communities.

Additionally, the bill includes provisions for payment in lieu of taxes to compensate municipalities for any lost property tax revenue resulting from these conversions. This financial support is intended to mitigate the impact on local governments and ensure they can continue to provide essential services despite the changes in property tax income. Overall, the bill seeks to promote residential development while safeguarding municipal finances.