Malloy Defends Tax Proposals To Realty Group

HARTFORD, Conn. (AP) – Gov. Dannel P. Malloy is defending his budget in a speech to Connecticut real estate agents angry at his proposals to increase taxes on their business.

Hundreds of agents and brokers, bussed to Hartford from around the state, listened to Malloy Wednesday as he pitched his spending plan that would plug a $3.3 billion deficit in the budget year beginning July 1. One proposal by the governor is to increase the municipal portion of the real estate conveyance tax from 0.25 percent to 0.50 percent of a home’s selling price.

The real estate industry has only recently begun to emerge from the deepest recession in decades and opposes efforts it sees as threatening home sales.

Malloy said he’s being urged to balance the budget without raising taxes or cutting services.

(Copyright 2011 by The Associated Press.  All Rights Reserved.)

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