The proposed bill, General Assembly Committee Bill No. 6766, aims to provide financial assistance to veterans whose motor vehicles have depreciated to a value that prevents them from fully benefiting from existing property tax exemptions. Specifically, it establishes that any veteran eligible for a tax exemption under section 12-81 of the general statutes, whose vehicle's assessed value is less than the exemption amount due to depreciation, will receive a monetary payment from their municipality. This payment will be the lesser of the difference between the actual tax paid and the tax that would apply for the full exemption, or a maximum of one hundred dollars.

To claim this payment, veterans must notify their town clerk and submit an application by the assessment date, including proof of their veteran status through military discharge documents or affidavits. The bill also mandates that assessors maintain a certified list of eligible veterans and ensures that no payments are made until proper documentation is provided. The act is set to take effect on October 1, 2025, and aims to address the financial challenges faced by veterans due to the depreciation of their vehicles.