Rep. Ferraro Champions Veterans Tax Relief Bill

MILFORD, CT - From Connecticut House Republicans: State Rep. Charles Ferraro, the Ranking Member of the Committee on Veterans' Affairs, applauded the bipartisan passage of legislation that will give municipalities the ability to give more veterans tax relief.

The bill, H.B. 5239, allows municipalities that provide certain additional optional veteran property tax exemptions to increase the income thresholds for eligibility.

Under current law, municipalities may offer tax exemptions to veterans whose incomes are below the state's income limit for other veterans' property tax exemptions, set annually by the Office of Policy and Management (OPM), for 2018, $35,300 for individuals and $43,000 for married couples or an amount the municipality sets, up to $25,000 more than the state limit. This bill instead allows municipalities to set the income limit, with the minimum being the amount OPM sets.

"Towns and cities should be able to offer veterans greater tax relief," said Rep. Ferraro. "I am glad to see us expand the income thresholds and make this tax relief available for more veterans."

H.B. 5239 applies the new income thresholds to the additional optional municipal property tax exemptions for:

1. Wartime veterans

2. Disabled veterans

3. The surviving spouse of a service member or veteran

4. Veterans who are not entitled to state-mandated property tax exemptions for wartime, disabled, or service-related severely disabled veteran

The legislation now awaits action by the Senate.

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