AN ACT CONCERNING FUNDING FOR THE CITY OF NEW LONDON FOR LOSS OF TAXES ON PRIVATE TAX-EXEMPT PROPERTY.

Plain English Breakdown

The official summary does not provide details on how the funding will be used or its impact on residents and businesses.

Funding for New London Due to Tax Loss

This act requires the state to pay $4,000,000 annually to the city of New London to compensate for lost property tax revenue due to private tax-exempt properties like the U.S. Coast Guard Academy.

What This Bill Does

• Requires the state to pay $4,000,000 annually to New London.
• This payment is meant to replace tax revenue lost because of private tax-exempt properties like the U.S. Coast Guard Academy.

Who It Names or Affects

• City of New London

Terms To Know

Tax-exempt property

Property that does not have to pay certain taxes, such as the U.S. Coast Guard Academy.

Limits and Unknowns

• The bill does not specify how this funding will be used in New London.
• It is unclear if there are similar impacts on other cities with tax-exempt properties.

Official Summary Text

To require four million dollars be paid to the city of New London to better reflect the lost property tax revenue from the United States Coast Guard Academy.

Current Bill Text

LCO No. 964 1 of 1

General Assembly Proposed Bill No. 5174
February Session, 2026 LCO No. 964

Referred to Committee on APPROPRIATIONS

Introduced by:
REP. GAIEWSKI, 40th Dist.
SEN. MARX, 20th Dist.
REP. NOLAN, 39th Dist.

AN ACT CONCERNING FUNDING FOR THE CITY OF NEW LONDON
FOR LOSS OF TAXES ON PRIVATE TAX-EXEMPT PROPERTY.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:

That subdivision (4) of subsection (f) of section 4-66p of the general 1
statutes be amended to provide that four million dollars be paid for 2
reimbursement to the city of New London with respect to the United 3
States Coast Guard Academy annually for loss of taxes on private tax -4
exempt property. 5
Statement of Purpose:
To require four million dollars be paid to the city of New London to
better reflect the lost property tax revenue from the United States Coast
Guard Academy.