CT SB00598

Eliminates the state's 0.75% real estate conveyance tax on property deeds, effective July 1, 2013 for all conveyances occurring on or after that date.

Maintains a reduced 0.25% municipal conveyance tax that becomes part of local revenue instead of state General Fund revenue.

Preserves the authority for targeted investment communities and municipalities with manufacturing plants to impose an additional optional 0.25% conveyance tax.

Removes previous tax rate variations for non-residential property (1.25%), high-value residential estates over $800,000, and mortgage foreclosure transfers.

Repeals sections 3-114m, 12-494a, 12-502a, and 12-502b of the general statutes and makes conforming amendments to economic development district provisions.