HARTFORD — State Rep. Tony Scott, R-112th, recently joined his colleagues in the House in approving legislation designed to make Connecticut more affordable for first-time homebuyers and military veterans.
The House met Wednesday to act on House Bill 5027, a bill endorsed by both the Council of Small Towns and Connecticut Realtors, to establish a First-Time Homebuyer Savings Account, encouraging residents to save up for their first single-family home. Contributions to the account would be tax-deductible up to $2,500 for single filers and $5,000 for those who file jointly.
“You don’t need to be a Realtor to know that the real estate market is red-hot right now, and if you’re just entering the market for the first time, it is especially difficult to secure a home for you and your family,” Scott said. “We need to be doing everything we can to make it more affordable here without placing additional unfunded mandates on our towns. This bill, I believe, strikes the right balance. This tax-deductible account gives prospective homeowners the tools they need to create generational wealth and enrich our communities.”
Scott and his colleagues also lent their support to House Bill 6429 the day prior, an act establishing a working group to secure property tax relief for military veterans. Constituted of representatives from the Veterans Committee and those with expertise in tax relief and veterans’ benefits, the group would inform future legislative action empowering towns to deliver relief for those who serve.
“While this is not a finished product, it is definitely a work in progress. We are so proud of our military veterans in this state and we need to be doing everything we can as a legislature to show our gratitude,” Scott said. “Know that I will work closely with those of my colleagues who serve on the Veterans Committee to ensure this fact-finding is productive and that we are ready to deliver results in the future.”
Both bills have been transmitted to the State Senate, which must act on them before the 2021 legislative session adjourns on June 9.