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

HB 5174 would require the state to pay the city of New London $4 million annually to reimburse lost property tax revenue. This funding directly compensates the city for taxes not collected from the U.S. Coast Guard Academy, which is tax-exempt property under federal law. The bill amends state statute to establish this mandatory annual payment, ensuring the city receives consistent financial support. This policy change replaces revenue the city would have received if the academy paid local property taxes.