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 loss in property tax revenue that may result from these conversions. This dual approach seeks to support local governments while promoting the transformation of shopping malls into residential areas, ultimately fostering community development and revitalization.