CT SB00269

Establishes a 3% sales and use tax rate on tangible personal property purchased for construction of new residential development projects containing at least 50 dwelling units of affordable housing, effective July 1, 2024

Applies the reduced rate only to projects that do not already qualify for exemptions under section 12-412 of Connecticut law

Amends Connecticut General Statutes sections 12-408 and 12-411 to implement the tax reduction for both retail sales tax and use tax on construction materials

Takes effect July 1, 2024, and applies to all sales occurring on or after that date