AN ACT REDUCING THE SALES AND USE TAXES RATE APPLICABLE TO CERTAIN CONSTRUCTION AND BUILDING MATERIALS.
REF. TO JOINT COMM. ON Finance, Revenue and Bonding
Summary
The bill lowers the state sales and use tax rate to 2% for any construction or building material bought, stored, used, or otherwise consumed in Connecticut when it is used for building new homes or rehabilitating existing housing. This change benefits builders, developers, and homeowners by cutting material costs, which could encourage more housing construction and renovation.
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