The following changes are effective for conveyances occurring on or after July 1, 2011. They result from approval by the Legislature and Governor Malloy of Senate Bill 1239 (the state budget).

CAR vigorously opposed these tax increases and commends those 17 Senators and 67 Representatives who voted in opposition to Senate Bill 1239 (see attached voting records).

CAVEAT: Questions remain as to whether SB 1239 is a truly balanced budget since State employee union concessions remain unidentified or agreed to. Accordingly, depending on those outcomes, the possibility exists that the Legislature could revamp these or other taxes in the next several weeks. This is what has been enacted and signed into law as of now.

MUNICIPAL CONVEYANCE TAX

Termination (sunset) date of higher current rate is revoked. The roll-back scheduled for July 1 is permanently cancelled. The practical effect in most towns is the rate continues at 0.25% except for these 18 targeted investment communities where the rate remains at 0.50%: Bloomfield, Bridgeport, Bristol, East Hartford, Groton Hamden, Hartford, Meriden, Middletown, New Britain, New Haven, New London, Norwalk, Norwich, Southington, Waterbury, and Windham and 0.35% in Stamford.

STATE CONVEYANCE TAX

	Goes From	To
Nonresidential	1.0%	1.25%
Residential $800K or less	0.5%	0.75%
Portion over 800K	1.0%	1.25%

PROPOSED BUYERS CONVEYANCE TAX DEFEATED ON JUNE 3, 2011

Thanks to everyone who expressed opposition to their legislators.