Recordation tax; refinancing or modification of terms of debt. (HB197)

Introduced By

Del. Bob Marshall (R-Manassas)

Progress

√
 Introduced
X
 Passed Committee
☐
 Passed House
☐
 Passed Senate
☐
 Signed by Governor
☐
 Became Law

Description

State recordation tax; refinances. Provides that in any case in which a debt is refinanced, the state recordation tax shall only apply to the principal amount of the new debt which is in addition to the original debt. Under current law, only in cases in which a debt is refinanced with the same lender is there an exemption from the tax on the principal amount of the original debt. The bill also would provide refunds to certain persons who refinanced a debt between January 1, 2007, and June 30, 2008, and paid a state recordation tax on the total principal amount of the new debt. The refund would equal that portion of the state recordation tax that relates to the principal amount of the original debt. Amends § 58.1-803, of the Code of Virginia. View Full Text »

Outcome

Bill Has Failed

History

  • 12/27/2007 Committee
  • 12/27/2007 Prefiled and ordered printed; offered 01/09/08 082801396
  • 12/27/2007 Referred to Committee on Appropriations
  • 01/24/2008 Impact statement from TAX (HB197)
  • 02/12/2008 Left in Appropriations