AN ACT CONCERNING THE REBASING OF THE EDUCATION COST SHARING GRANT FORMULA FOR PURPOSES OF PROPERTY TAX RELIEF.

HB 5077 increases the base state education grant amount (the "foundation") for municipalities over five years, raising it from $11,525 to $18,681 per student. It also requires annual inflation adjustments to this base amount. The bill allows municipalities to lower local property tax rates by the exact amount of increased state equalization aid they receive under this new formula. This directly affects local governments and taxpayers by providing a mechanism to reduce property tax burdens through state funding changes.