Definition of “Residential Building” Expanded for Purposes of the Crumbling Foundation Subtraction Modification
Current law allows a taxpayer to subtract the amount of any financial assistance received from the Crumbling Foundations Assistance Fund, or paid to or on behalf of the owner of a residential building, to repair concrete foundations that have deteriorated due to the presence of pyrrhotite.
Effective July 1, 2019, the definition of “residential building” was expanded to include (1) a single family or multifamily residential dwelling, including, but not limited to (A) a residential unit in a condominium, as defined in Conn. Gen. Stat. § 47‑68a, and (B) a unit that is used for residential purposes and located in a common interest community, as defined in Conn. Gen. Stat. § 47‑202, and (2) a building containing one or more of the residential dwellings previously described under (1)(A) or (B).