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OLR Bill Analysis
sSB 351
AN ACT INCREASING FUNDING FOR THE COMMUNITY
INVESTMENT ACCOUNT.
This bill increases, by $5, the land record recording fee that funds the
General Fund’s community investment account (CIA, see
BACKGROUND).
Specifically, it increases the fee for recording land records from $40
to $45, and correspondingly increases the amount of the fee town clerks
must remit to the state treasurer for deposit in the CIA from $36 to $41.
(Other fees charged for recording land records are unchanged by the
bill.)
Existing law also sets a $116 fee for recording most documents by
mortgagee nominees, of which the town clerk must remit $110 to the
state for deposit in the General Fund. For assignments to or releases by
mortgage nominees, the law sets the fee at $159, of which the town clerk
must remit $127 to the state for the General Fund.
In either case, the bill increases, from $36 to $41, the amount that the
state must credit to the CIA from the amount deposited in the General
Fund. (However, the bill does not increase the overall fees or the
portions remitted to the state.)
Lastly, the bill makes technical changes, including eliminating
obsolete provisions.
EFFECTIVE DATE: July 1, 2024
BACKGROUND
Community Investment Account
By law, the CIA provides funding for milk producers and projects 2024SB-00351-R000222-BA.DOCX
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related to open space, farmland preservation, historic preservation,
affordable housing, and agriculture promotion. Money is distributed
quarterly to the state’s agriculture sustainability account and the
departments of Agriculture, Economic and Community Development,
Energy and Environmental Protection, and Housing.
COMMITTEE ACTION
Government Administration and Elections Committee
Joint Favorable
Yea 14 Nay 5 (03/15/2024)