Form Sn 2007(10) - 2007 Legislation Affecting The Application Of The Controlling Interest Transfer Tax To Maritime Heritage Land
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2STATE OF CONNECTICUT
SN 2007(10)
DEPARTMENT OF REVENUE SERVICES
25 Sigourney Street
Hartford CT 06106-5032
SPECIAL NOTICE
2007 Legislation Affecting the Application of the Controlling
Interest Transfer Tax to Maritime Heritage Land
Purpose: This Special Notice discusses 2007
The additional tax shall be imposed at the following
rate:
legislation affecting the controlling interest transfer
tax as it applies to the transfer of a controlling
interest in an entity that owns land classified as
10% of the present true
if sold within the first
maritime heritage land.
and actual value of the
year following the date of
land
classification
9% of the present true
if sold within the second
and actual value of the
year following the date of
Effective Date: Transfers of a controlling interest
land
classification
occurring on or after July 1, 2007.
8% of the present true
if sold within the third
and actual value of the
year following the date of
land
classification
l
Statutory Authority: Conn. Gen. Stat. §§12-638
,
7% of the present true
if sold within the fourth
and 12-638n, as amended by 2007 Conn. Pub.
and actual value of the
year following the date of
Acts 127, §§11 and 12.
land
classification
6% of the present true
if sold within the fifth year
and actual value of the
following
the
date
of
Definition: Maritime heritage land is that portion
land
classification
of waterfront real property owned by a commercial
5% of the present true
if sold within the sixth
lobster fisherman licensed according to Title 26 of
and actual value of the
year following the date of
the Connecticut General Statutes, when that portion
land
classification
is used by the fisherman exclusively for commercial
4% of the present true
if sold within the seventh
lobstering purposes and when not less than 50%
and actual value of the
year following the date of
of such fisherman’s federal adjusted gross income
land
classification
is
derived
from
commercial
lobster
fishing.
3% of the present true
if sold within the eighth
Conn. Gen. Stat. §12-107b, as amended by 2007
and actual value of the
year following the date of
Conn. Pub. Acts 127, §4.
land
classification
2% of the present true
if sold within the ninth
and actual value of the
year following the date of
Additional Controlling Interest Transfer Tax:
land
classification
An additional controlling interest transfer tax is
1% of the present true
if sold within the tenth
imposed on the transfer for consideration of a
and actual value of the
year following the date of
controlling interest in an entity that directly owns an
land
classification
interest in land classified as maritime heritage land.
No additional tax
if sold after the tenth year
The additional tax applies if a controlling interest in
following the date of
the entity is sold within a period of 10 years from
classification
the time the owner first caused the land to be
classified as maritime heritage land.
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