Please help stop this new tax on home sales.
We need your help to communicate opposition to a new tax on home sales. Here are a few of the reasons we oppose section 4 of HB 6441:
This new tax must be paid at closing by either the buyer or seller or negotiated between the parties. It adds confusion and additional negotiations to transactions that already have possible seller concessions toward buyer closing costs, appraisal issues, and home inspections or lender required repair issues. Closings could be delayed, disrupted or canceled when any additional costs are brought into the mix.
Real estate is an economic driver. Imposing a regressive tax such as this will result in residents not having additional funds that could be spent supporting local businesses. The proposal is a new sales tax on commercial real estate also which will discourage or stop consideration of starting a new business or bringing businesses to Connecticut.
Connecticut has an affordable housing problem. Adding a new sales tax on buyers will put home purchases even farther out of reach of our first-time and workforce buyers who do not have extra funds. Adding the tax to the selling side will impact the buyers because sellers will want to recover this additional cost in the negotiated sale price of the home.
Please reach out to your local Legislator(s) and ask them to OPPOSE the harmful new sales tax on real estate.