CT SB00266

Increases conveyance tax on residential real estate purchases by non-individual purchasers effective October 1, 2024, imposing 1.75% on the first $800,000 and 2.25% on amounts exceeding $800,000

Maintains existing tax rates for individual purchasers and non-residential properties, with commercial properties taxed at 1.25% and farm/forest/open space land exempt from higher rates

Establishes tiered tax rates for high-value residential sales ($800,000+) by individuals: 0.75% up to $800,000, 1.25% from $800,000 to $2.5 million, and 2.25% above $2.5 million (effective July 1, 2020)

Beginning July 1, 2025, directs transfer of conveyance tax revenue exceeding $300 million annually to the Housing Trust Fund, with the threshold adjusted annually for inflation starting July 1, 2026

Applies to all property conveyances where consideration equals or exceeds $2,000, with revenue split between state General Fund and municipal general revenues based on tax type