The State Senate yesterday unanimously adopted legislation that provides significant tax relief to one of Western Connecticut's largest employers. House Bill 5646 would exempt employer and relocation companies from the state's real estate conveyance tax when they resell residential property. State Senator David Cappiello (R-Danbury) helped author the legislation that was aimed specifically at Cendant Mobility, one the world's largest relocation businesses whose corporate headquarters are located in Danbury, Connecticut.

"Cendant Mobility is responsible for creating and maintaining hundreds of jobs for Connecticut residents. In fact, it is the second largest employer in Danbury, behind only Danbury Hospital," said Senator Cappiello. "As a state, we are fortunate to have Cendant call Connecticut home as it provides valuable service worldwide and is a critical component of the state's business community."

To be exempt, the resale must occurs within six months of the relocated employee conveys the property to the relocation company or employee.

"In these uncertain economic times, as a legislature we need to do all we can to stimulate businesses and encourage commerce. This legislation succeeds on both counts," added Senator Cappiello. "Plus, as it stood previously, both the original property owner and the relocation company were taxed. This bill eliminates the double taxation."