Recordation tax; expands exemption statewide. (SB1309)
Introduced By
Sen. Robert Hurt (R-Chatham) with support from co-patrons Del. Kathy Byron (R-Lynchburg), and Del. Danny Marshall (R-Danville)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Recordation tax; exemption. Expands the recordation tax exemption statewide for an organization exempt from taxation under 501 (c) (3) of the Internal Revenue Code that is organized and operated primarily to acquire land and purchase materials to erect or rehabilitate low-cost homes on such land, which homes are sold at cost to persons who otherwise would be unable to afford to buy a home through conventional means, when the organization is the grantor. Under current law only such organizations located in the City of Lynchburg or Amherst County are exempt. Amends § 58.1-811 (“Exemptions.”), of the Code of Virginia. View Full Text »
