Substitute Senate Bill No. 351 (File No. 222) proposes an increase in the fee for recording documents in land records from $40 to $45. The distribution of the increased fee includes $1 to the town clerk, $3 to the municipality for local capital improvement projects, and $41 to the State Treasurer for the Community Investment Account (CIA), which is an increase from the previous $36. The bill exempts state or municipal employees recording documents in their official capacities from the increased fees. It also repeals a provision that previously directed 50% of the CIA funds to the General Fund between January 1, 2016, and June 30, 2017, and adjusts the allocation of recording fees paid by a nominee of a mortgagee, increasing the CIA's share from $36 to $41. The bill is effective from July 1, 2024, and supports various state department programs, including those for historic preservation, affordable housing, open space grants, and agriculture.

The bill aims to generate an additional $2 million to $3 million per year for the CIA, starting in FY 25, by raising the land record recording fee. The increased revenue will be allocated to the Department of Economic and Community Development, the Department of Housing, the Department of Energy and Environmental Protection, and the Department of Agriculture for programs such as historic preservation, affordable housing, municipal open space grants, farmland preservation, and promotion of Connecticut-grown farm products. The Department of Agriculture is required to use all funds for the stated purposes and to report annually on the efforts and funds received and expended. The bill includes technical changes, such as eliminating obsolete provisions, and its fiscal impact depends on the number of land record filings each year. The Government Administration and Elections Committee has given a Joint Favorable report on the bill.

Statutes affected:
Raised Bill: 4-66aa
GAE Joint Favorable: 4-66aa, 22-38a
File No. 222: 4-66aa, 22-38a