AN ACT CONCERNING A PROPERTY TAX ABATEMENT AND PAYMENT IN LIEU OF TAXES FOR SHOPPING MALLS CONVERTED TO RESIDENTIAL USE.

HB 6424 would provide property tax abatement (a reduction or exemption) for shopping malls converted to residential housing, lowering the tax burden for owners of these properties. It requires developers to make payments in lieu of taxes to municipalities to compensate for lost property tax revenue. This ensures local governments receive reimbursement for the revenue they would have collected from the converted properties. The bill directly affects mall owners planning residential conversions and the municipalities that collect property taxes. The policy change aims to support housing development on underutilized commercial sites while maintaining municipal funding.