AN ACT CONCERNING THE APPLICABILITY OF THE REAL ESTATE CONVEYANCE TAX TO FORECLOSURES BY DECREE OF SALE.


General Assembly		*Proposed Bill No. 67*
*January Session, 2009*		LCO No. 161

Referred to Committee on Finance, Revenue and Bonding
Introduced by:
SEN. GUGLIELMO, 35th Dist.

AN ACT CONCERNING THE APPLICABILITY OF THE REAL ESTATE CONVEYANCE TAX TO FORECLOSURES BY DECREE OF SALE.

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

That subdivision (9) of subsection (a) of section 12-498 of the general statutes be amended to eliminate the exemption from the conveyance tax for foreclosures by decree of sale made pursuant to section 49-24 of the general statutes, and to ensure that transfers pursuant to any foreclosure action are subject to the conveyance tax.

Statement of Purpose:

To ensure that financial institutions that foreclose upon real property are subject to the conveyance tax.