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CT SB01262

Bill

Official Source

Status

Introduced

2/6/2025

Primary Sponsor

Housing Committee

Click for details

Origin

Senate

2025 General Assembly

AI Summary

  • Reduces the sales and use tax rate from 6.35% to 3% on tangible personal property purchased for constructing new residential development projects that include affordable housing
  • Qualifying projects must contain the lesser of 20% of all dwelling units or 50 dwelling units designated as affordable housing under section 8-39a
  • Projects that already qualify for a full tax exemption under section 12-412 are excluded from this reduced rate provision
  • Effective July 1, 2025, applicable to sales occurring on or after that date
  • Amends sections 12-408 (sales tax) and 12-411 (use tax) of the Connecticut General Statutes to add this new tax rate category

Legislative Description

An Act Reducing The Sales And Use Taxes For Certain Goods Used In New Housing Construction.

Last Action

File Number 71

3/10/2025

Committee Referrals

Housing2/6/2025

Full Bill Text

No bill text available