The proposed bill, General Assembly Proposed Bill No. 5174, seeks to amend existing legislation regarding funding for the city of New London. Specifically, it aims to modify subdivision (4) of subsection (f) of section 4-66p of the general statutes by inserting a provision that mandates an annual payment of four million dollars to the city as reimbursement for the loss of taxes on private tax-exempt property associated with the United States Coast Guard Academy.

The intent of this bill is to provide financial support to New London, reflecting the revenue lost due to the tax-exempt status of the Coast Guard Academy. This funding is intended to help the city better manage its budget and address the financial impact of the tax-exempt property on its tax base.