#Connecticut conveyance taxes series
Two or more transactions which occur within six months of each other are presumed to be "a series of transactions" unless shown to the contrary. First, a series of transactions would also trigger the tax. There are two presumptions which further expand the scope of the CITT.
It is due on or before the last day of the month following the month in which the transfer took place and is subject to interest at 1% per month and a late payment penalty equal to the greater of $50 or 10% of the tax due. The CITT, payable at the rate of 1.10%, is remitted to the Commissioner of Revenue Services with the Form AU-330, which may be obtained from that department. The current language, which requires the transfer of more than 50%, was adopted in 1990. As initially enacted, the CITT was triggered by the transfer of 50% or more of the stock or equity. In turn, a "controlling interest" is defined to mean, in the case of a corporation, "more than 50% of the total combined voting power of all classes of stock of such corporation", and, in the case of a partnership, association, trust or other entity, "more than 50% of the capital, profits or beneficial interest" in such entity.
Unlike the conveyance tax which applies to deeds and other transfers of real property from one person or entity to another, the CITT is triggered when there is a transfer of the "controlling interest of any entity which possesses, directly or indirectly, an interest in real property when the present true and actual value of the interest in real property equals or exceeds two thousand dollars." One similar tax that is frequently overlooked is the Controlling Interest Transfer Tax (CITT), first enacted in 1989. Richard Roberts Because of the lobbying efforts of the Connecticut Association of Realtors, the Connecticut Conference of Municipalities and others during the most recent legislative session, Connecticut's state and municipal real estate conveyance taxes have received a great deal of attention and discussion recently.
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