The proposed legislation, General Assembly Raised Bill No. 7122, aims to exclude veterans' disability payments from the calculation of qualifying income for property tax relief. Specifically, it amends several sections of the general statutes to ensure that veterans' disability payments are not included when determining eligibility for property tax exemptions. The bill allows municipalities to provide property tax exemptions for veterans whose federal adjusted gross income, excluding these disability payments, is $50,100 or less. Additionally, it modifies the definition of "qualifying income" to explicitly state that veterans' disability payments will not be counted, thereby potentially increasing the number of veterans eligible for tax relief.

The bill also revises the income thresholds for other property tax relief programs, ensuring that the maximum qualifying income aligns with the updated provisions. For instance, it sets the qualifying income limits at $16,200 for unmarried individuals and $20,000 for married couples, while also ensuring that the definition of qualifying income remains consistent across various sections of the law. The changes are set to take effect on October 1, 2025, and are intended to provide greater financial support to veterans by alleviating their property tax burdens.

Statutes affected:
Raised Bill: 12-81l