A 3561
Eliminates one percent tax on purchasers of Class 4A commercial property transferred for consideration in excess of $1 million.
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- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill eliminates a one percent tax on the purchase of controlling interests in Class 4A commercial property when the transaction involves more than $1 million in consideration. Class 4A commercial property includes income-producing real estate, excluding vacant land, residential properties, and certain other types of property. The bill repeals a section of existing law that established this tax, while ensuring existing tax obligations remain enforceable.
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Primary sponsors
Cosponsors
Roy Freiman
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