General Assembly Raised Bill No. 6577
January Session, 2013 LCO No. 4063
*04063_______FIN*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
(FIN)
General Assembly
Raised Bill No. 6577
January Session, 2013
LCO No. 4063
*04063_______FIN*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
(FIN)
AN ACT CONCERNING THE REAL ESTATE CONVEYANCE TAX.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subsection (a) of section 12-494 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2013, and applicable to conveyances occurring on or after said date):
(a) There is imposed a tax on each deed, instrument or writing, whereby any lands, tenements or other realty, including any buildings, houses or similar structures affixed thereto or located thereon, and other improvements made thereto, is granted, assigned, transferred or otherwise conveyed to, or vested in, [the purchaser] one or more purchasers, or any other person by such purchaser's direction, when the total consideration paid, regardless of whether paid to the seller or to a third person, or both, for the interest or property conveyed equals or exceeds two thousand dollars, (1) subject to the provisions of subsection (b) of this section, at the rate of three-quarters of one per cent of the consideration for the interest in real property conveyed by such deed, instrument or writing, the revenue from which shall be remitted by the town clerk of the municipality in which such tax is paid, not later than ten days following receipt thereof, to the Commissioner of Revenue Services for deposit to the credit of the state General Fund, and (2) at the rate of one-fourth of one per cent of the consideration for the interest in real property conveyed by such deed, instrument or writing, provided the amount imposed under this subdivision shall become part of the general revenue of the municipality in accordance with section 12-499.
This act shall take effect as follows and shall amend the following sections:
Section 1 July 1, 2013, and applicable to conveyances occurring on or after said date 12-494(a)
This act shall take effect as follows and shall amend the following sections:
Section 1
July 1, 2013, and applicable to conveyances occurring on or after said date
12-494(a)
Statement of Purpose:
To clarify a developer's liability for the real estate conveyance tax in situations where the developer sells the land in a separate transaction from the sale of the residence built on the land.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]