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CT HB05254
Bill
Status
1/14/2019
Primary Sponsor
Environment Committee
Click for details
AI Summary
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Municipalities may impose a buyer's conveyance tax on real property sales occurring on or after July 1, 2019, at a rate not exceeding one percent of consideration paid in excess of $150,000
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Tax revenue must be retained by the municipality in a separate account and requires Office of Policy and Management approval for use
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Approved uses for collected funds include purchasing development rights, open space land, forest land, farm land, waterfront property, brownfield remediation, and other environmental projects
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Municipalities may partner with state or federal government or private organizations such as land trusts in purchasing property
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Conveyances resulting in preservation of open space, forest, or farm land are exempt from the conveyance tax
Legislative Description
An Act Establishing A Pilot Program Authorizing Municipalities To Impose A Buyer's Conveyance Fee On Real Property To Fund The Purchase And Stewardship Of Open Space.
Last Action
Public Hearing 02/04
1/30/2019