CT SB01019

Municipalities may impose a buyer's tax on real property conveyances occurring on or after July 1, 2011, at a rate not exceeding one percent of the consideration paid by the buyer in excess of $150,000.

Tax revenue must be retained by the municipality in a separate account and used exclusively for open space/development rights purchases, brownfield remediation, water treatment, clean air projects, energy conservation, alternative transportation infrastructure, historic preservation, or green building retrofits.

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

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

The act takes effect immediately upon passage.