A legislative committee has voted to extend a temporary, increased tax on Connecticut real estate transactions for another two years, The Associated Press reports.
The bill originally called for making the higher tax permanent.
Members of the General Assembly’s tax-writing committee voted 35-15 on Thursday in favor of the revised legislation, sending the bill to the Senate for further consideration.
Lawmakers also exempted foreclosures and short sales — when a homeowner owes more on the property than what it’s worth — from the tax.
Cities and towns expected to receive an estimated $43 million from the tax.
Real estate agents say they still believe the tax is a burden for homeowners in a fragile housing market, but are pleased the legislation was changed on Thursday.
