The proposed bill, General Assembly Proposed Bill No. 5124, aims to provide full reimbursement to municipalities for revenue losses incurred due to a property tax exemption for veterans, as outlined in subdivision (83) of section 12-81 of the general statutes. The bill proposes an appropriation of an unspecified sum from the General Fund to the Office of Policy and Management for the fiscal year ending June 30, 2027, specifically designated for this reimbursement purpose.

The intent of the bill is to ensure that municipalities are not financially burdened by the tax exemptions granted to veterans, thereby supporting local governments in maintaining their fiscal stability. The legislation emphasizes the importance of compensating municipalities for the revenue they forgo as a result of these exemptions, thereby reinforcing the commitment to support veterans while also safeguarding municipal finances.