The proposed bill, General Assembly Proposed Bill No. 5061, seeks to amend section 12-704c of the general statutes concerning the property tax credit against the personal income tax for primary residences and motor vehicles. The bill aims to increase the maximum allowable credit from three hundred dollars to one thousand dollars, thereby providing greater financial relief to taxpayers. Additionally, it proposes to raise the minimum allowable credit threshold and expand eligibility for the credit by increasing the qualifying Connecticut adjusted gross income thresholds.

The intent of this legislation is to enhance the financial benefits available to residents by making the property tax credit more accessible and valuable. By increasing the credit amount and adjusting the income thresholds, the bill aims to support a broader range of taxpayers, ultimately promoting economic relief for those who own primary residences or motor vehicles in Connecticut.