Bill Text: CT SB00209 | 2010 | General Assembly | Comm Sub
Bill Title: An Act Concerning The Real Estate Conveyance Tax.
Spectrum: Slight Partisan Bill (Democrat 13-7-1)
Status: (Introduced - Dead) 2010-03-05 - Favorable Change of Reference, House to Committee on Finance, Revenue and Bonding [SB00209 Detail]
Download: Connecticut-2010-SB00209-Comm_Sub.html
General Assembly |
Raised Bill No. 209 | ||
February Session, 2010 |
LCO No. 1179 | ||
*_____SB00209VA_FIN030310____* | |||
Referred to Committee on Select Committee on Veterans' Affairs |
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Introduced by: |
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(VA) |
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AN ACT CONCERNING THE REAL ESTATE CONVEYANCE TAX.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 12-498 of the 2010 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2010):
(a) The tax imposed by section 12-494 shall not apply to: (1) Deeds which this state is prohibited from taxing under the Constitution or laws of the United States; (2) deeds which secure a debt or other obligation; (3) deeds to which this state or any of its political subdivisions or its or their respective agencies is a party; (4) tax deeds; (5) deeds of release of property which is security for a debt or other obligation; (6) deeds of partition; (7) deeds made pursuant to mergers of corporations; (8) deeds made by a subsidiary corporation to its parent corporation for no consideration other than the cancellation or surrender of the subsidiary's stock; (9) deeds made pursuant to a decree of the Superior Court under section 46b-81 or 52-495; (10) deeds, when the consideration for the interest or property conveyed is less than two thousand dollars; (11) deeds between affiliated corporations, provided both of such corporations are exempt from taxation pursuant to paragraph (2), (3) or (25) of Section 501(c) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as from time to time amended; (12) deeds made by a corporation which is exempt from taxation pursuant to paragraph (3) of Section 501(c) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as from time to time amended, to any corporation which is exempt from taxation pursuant to said paragraph (3) of said Section 501(c); (13) deeds made to any nonprofit organization which is organized for the purpose of holding undeveloped land in trust for conservation or recreation purposes; (14) deeds between spouses; (15) deeds of property for the Adriaen's Landing site or the stadium facility site, for purposes of the overall project, each as defined in section 32-651; (16) land transfers made on or after July 1, 1998, to a water company, as defined in section 16-1, provided the land is classified as class I or class II land, as defined in section 25-37c, after such transfer; (17) transfers or conveyances to effectuate a mere change of identity or form of ownership or organization, where there is no change in beneficial ownership; [and] (18) conveyances of residential property which occur not later than six months after the date on which the property was previously conveyed to the transferor if the transferor is (A) an employer which acquired the property from an employee pursuant to an employee relocation plan, or (B) an entity in the business of purchasing and selling residential property of employees who are being relocated pursuant to such a plan; (19) transfers or conveyances by a surviving spouse of a member of the armed forces who died while serving on active duty and whose death was due to said service, if the surviving spouse has not since remarried; and (20) transfers or conveyances by any resident of this state who is a member of the armed forces serving on active duty on the date of the transfer or conveyance.
(b) The tax imposed by subdivision (1) of section 12-494 shall not apply to (1) deeds of the principal residence of any person approved for assistance under section 12-129b or 12-170aa for the current assessment year of the municipality in which such person resides or to any such transfer which occurs within fifteen months of the completion of any municipal assessment year for which such person qualified for such assistance; (2) deeds of property located in an area designated as an enterprise zone in accordance with section 32-70; (3) deeds of property located in an entertainment district designated under section 32-76 or established under section 2 of public act 93-311.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
October 1, 2010 |
12-498 |
VA |
Joint Favorable C/R |
FIN |