The proposed bill, General Assembly Proposed Bill No. 5007, aims to amend the general statutes to mandate that the state fully reimburse municipalities for any revenue losses incurred due to property tax exemptions granted to veterans. This reimbursement is specifically related to the provisions outlined in subdivision (83) of section 12-81 of the general statutes, which addresses the property tax credit for veterans.

The bill seeks to ensure that municipalities are not financially burdened by the tax exemptions provided to veterans, thereby promoting fiscal stability at the local level. By inserting the requirement for full reimbursement, the bill addresses concerns about the impact of these exemptions on municipal budgets, ensuring that local governments can maintain their financial health while honoring the benefits afforded to veterans.