Raised Bill No. 269 is a legislative proposal that seeks to amend the current tax law by introducing a reduced sales and use tax rate of three percent for tangible personal property purchased for the construction of new residential development projects that contain at least fifty units of affordable housing, as defined in section 8-39a. This incentive is aimed at encouraging the development of affordable housing. The bill also includes administrative changes, such as the renumbering of existing subparagraphs to accommodate the new tax provision, with former subparagraph (J) becoming (K), and subsequent sections being adjusted accordingly. The bill specifies that these changes would take effect from July 1, 2024, and would apply to sales occurring on or after that date.

Furthermore, Raised Bill No. 269 details the allocation of tax revenues to various state funds, including the regional planning incentive account, the Tourism Fund, the municipal revenue sharing account, and the Special Transportation Fund, with specific percentages of tax revenues being designated to each fund based on the date of collection and the type of tax imposed. The bill also amends excise tax rates on certain categories of goods and services, such as luxury items, and renumbers certain subparagraphs due to these insertions and deletions. The bill repeals and substitutes section 4-66o of the general statutes, allowing for the establishment of receivables for anticipated revenue under the new tax law, effective July 1, 2024.

Statutes affected:
Raised Bill: 4-66o