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.
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.