OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http: //www.cga.ct.gov/ofa

sHB-5885

AN ACT CONCERNING THE MUNICIPAL SHARE OF THE REAL ESTATE CONVEYANCE TAX.

AMENDMENT

LCO No.: 4476

File Copy No.: 609

House Calendar No.: 366

OFA Fiscal Note

State Impact: None

Municipal Impact:

Municipalities

Effect

FY 09 $

FY 10 $

All Municipalities

Revenue Impact

See Below

See Below

Explanation

The amendment allows municipalities to provide an exemption to the municipal real estate conveyance tax for properties conveyed by a resident who is 65 or older and who meets any income means test that the municipality adopts. Municipalities that adopt this exemption will experience a revenue loss that will likely necessitate an increase to their mill rate or modifications to their budget to offset this loss.

The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either chamber thereof for any purpose.