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SN 95(15)

1995 Legislative Changes Affecting the Real Estate Conveyance Tax

PURPOSE: The purpose of this Special Notice is to summarize legislative changes made to the real estate conveyance tax during the 1995 Session of the Connecticut General Assembly.

STATUTORY AUTHORITY: 1995 Conn. Pub. Acts 62 and Conn. Gen. Stat. §12-502a, incorporating by reference Con. Gen. Stat. §§12-548 and 12-554 (as amended by 1995 Conn. Pub. Acts 26, §§27 and 28, respectively).

EFFECTIVE DATES: The provisions of 1995 Conn. Pub. Acts 26, §§27 and 28, are effective July 1, 1995. The provisions of 1995 Conn. Pub. Acts 62 are effective October 1, 1995.

EXEMPTION FOR BURIAL RIGHTS: In 1995 Conn. Pub. Acts 62, the General Assembly exempted the transfer of burial rights for a lot in a cemetery organized pursuant to chapter 368j of the general statutes from real estate conveyance tax. The act also excepts such transfers from the requirement to file a return imposed by Conn. Gen. Stat. §12-497.

REDUCED PENALTY AND INTEREST:  Sections 27 and 28 of 1995 Conn. Pub. Acts 26 amend Conn. Gen. Stat. §§12-548 and 12-554, respectively. Effective July 1, 1995, the rate of interest to be paid on deficiency assessments is reduced from 1 1/4% to 1% per month or fraction thereof. Also effective July 1, 1995, the rate of interest payable by the Department, if the tax has been paid prior to taking an appeal to the superior court, and, if the court orders the tax to be refunded and orders interest to be paid thereon, from 9% per year to 2/3 % per month or fraction thereof.


EFFECT OF THIS DOCUMENT: A Special Notice is a document that announces a new policy or practice in response to changes in State or federal laws or regulations or to judicial decisions. A Special Notice indicates the Department's informal interpretation of Connecticut tax law and may be referred to for general guidance by taxpayers or tax practitioners.


FOR FURTHER INFORMATION: To order forms and publications or for further information, call the Department of Revenue Services at 860-297-5962 (Hartford area or out-of-state) or 1-800-382-9463 (in-state). Forms and publications may be ordered through voice-mail 24-hours a day by choosing Option 3 on your touch tone telephone.

Electronic Delivery Options: You can also obtain tax forms and publications 24-hours a day from our Web home page at Telecommunications Device for the Deaf (TDD/TT) users only call 860-297-4911 during business hours.

SN 95(15)
Real Estate Conveyance Tax
Issue: 9/22/95