Transfer Act Changes on the Way
Article SB-1030, an act concerning the Transfer Act, has been passed by Connecticut Congress by a staggering 149-0 Yes vote. The Act was recently signed by Governor Lamont and has four significant changes:
- Shortens the audit period for commencing audits of Transfer Act verification’s from three years to one year.
- Excludes certain property and businesses from the Transfer Act by narrowing the types of hazardous waste that count towards the 100-kilogram threshold that triggers the law’s application.
- Reduces the general audit window for Transfer Act verification’s from three years to 60 days and will modify the fee for filing certain Transfer Act forms.
- Last, but certainly not least, the bill requires the Commerce & Environmental committee chairs to convene a working group for additional future changes
The effective date for these changes is October 1st, 2019
The Impact of the Transfer Act will have significant, positive effects on Connecticut’s economy. For any further details feel free to read Article SB-1030 below or contact us at (860) 528-0884.