Raised Bill No. 269 seeks to amend the current sales and use tax laws by introducing a new tax rate of three percent specifically for tangible personal property purchased for the construction of new residential development projects that include at least fifty units of affordable housing. This new tax rate is an insertion marked as subparagraph (J), which necessitates the renumbering of subsequent subparagraphs. The bill also specifies that this new tax rate will not apply to projects that are already exempt under section 12-412 and states that the changes will be effective from July 1, 2024, for sales occurring on or after this date.

Additionally, the bill outlines the reallocation of tax revenues, with ten percent of the amounts received from the tax imposed under a specified subdivision being deposited into the Tourism Fund. It also adjusts the deposits into the Municipal Revenue Sharing Account and the Special Transportation Fund. The bill modifies tax rates for various services and products, including hotel rents, purchases by active duty military members, labor services on vessels, storage or use of vessels, and luxury items. These changes are also set to take effect on July 1, 2024. Furthermore, the bill repeals and substitutes Section 4-66o of the general statutes, allowing for the establishment of receivables for anticipated revenue based on the amended tax provisions.

Statutes affected:
Raised Bill: 4-66o