The proposed bill, General Assembly Proposed Bill No. 5979, seeks to amend section 12-498 of the general statutes to exempt certain real estate transactions from the real estate conveyance tax. Specifically, the bill introduces an exemption for conveyances of privately owned real property to nonprofit organizations and public housing authorities, provided that these entities intend to develop and construct affordable housing on the acquired property.

This legislative change aims to encourage the development of affordable housing by reducing the financial burden associated with the real estate conveyance tax for nonprofit organizations and public housing authorities. The bill reflects a commitment to addressing housing needs within the community by facilitating partnerships between the state and these organizations in the pursuit of affordable housing solutions.