CT SB00866

Municipalities may impose a buyer's tax on real property conveyances occurring on or after July 1, 2011, at a rate of up to 1% of consideration paid in excess of $150,000.

Tax revenue must be kept in a separate municipal account and used for open space purchases, brownfield remediation, water/sewer treatment, clean air projects, energy conservation, alternative transportation, historic preservation, or green building retrofits.

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

The tax does not apply to deeds, transfers, or conveyances exempted under section 12-498 of the general statutes.