OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

HB-5885

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

AMENDMENT

LCO No.: 5443

File Copy No.: 609

House Calendar No.: 366

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 09 $

FY 10 $

Department of Revenue Services

GF - Revenue Loss

Indeterminate

Indeterminate

Note: GF=General Fund

Municipal Impact: None

Explanation

The amendment exempts from the Real Estate Conveyance Tax sales of primary residents where the sale price is less than the outstanding balance on the mortgage on the property. This will result in an indeterminate General Fund revenue loss from the Real Estate Conveyance Tax to the degree in which primary residents are sold for less than the outstanding balance on the mortgage of the property.

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.