Connecticut lawmakers are considering a bill that would allow cities and towns to charge delinquent taxpayers a lower interest rate, The Associated Press reports.
The General Assembly’s Planning and Development Committee is scheduled vote Friday on the proposed legislation, which allows municipalities to charge an interest rate of 12 percent instead of 18 percent.
The bill also would require the interest be charged per day instead of per month.
Stamford real estate attorney Paul Nakian has urged lawmakers to lower the rate, calling it unconscionable. He represents a local family that has fallen on hard times and faces a tax foreclosure, owing $42,000.
Municipal leaders are strongly opposing the bill.
The Connecticut Conference of Municipalities said cities and towns will be pressured politically to lower the delinquent interest rate, losing $14.5 million in revenue.
