CT SB00834

Municipalities may impose a buyer's tax of up to 1% on real property conveyances occurring on or after July 1, 2011, for sales exceeding $150,000.

Tax revenue must be retained by the municipality in a separate account and used for purchasing development rights, open space land, forest land, farm land, or waterfront property; brownfield remediation; or environmental projects.

All purchases must be approved by the Office of Policy and Management and may involve cooperation with state or federal government or private organizations such as land trusts.

Conveyances resulting in the preservation of open space land, forest land, or farm land are exempt from the imposed tax.