Bill Text: CT SB00171 | 2017 | General Assembly | Introduced

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Bill Title: An Act Phasing Out The Real Estate Conveyance Tax.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2017-01-18 - Referred to Joint Committee on Finance, Revenue and Bonding [SB00171 Detail]

Download: Connecticut-2017-SB00171-Introduced.html

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General Assembly		Proposed Bill No. 171
January Session, 2017		LCO No. 2103
		*02103*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
SEN. HWANG, 28th Dist.

AN ACT PHASING OUT THE REAL ESTATE CONVEYANCE TAX.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

That section 12-494 of the general statutes be amended to phase out the real estate conveyance tax over a period of four years as follows: (1) In the first year, a fifty per cent reduction in the rate of tax to be remitted to the state; (2) in the second year, elimination of the tax to be remitted to the state; (3) in the third year, a fifty per cent reduction in the rate of tax retained by municipalities; and (4) in the fourth year, elimination of the tax retained by municipalities.

Statement of Purpose:

To phase out the real estate conveyance tax over a four-year period.