Recordation and grantor taxes; changes basis on which taxes are calculated on property conveyance. (HB1908)

Introduced By

Del. Jackson Miller (R-Manassas)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Recordation and grantor taxes.  Changes the basis on which recordation and grantor taxes are calculated on the conveyance of real estate to the consideration for the property conveyed, effective July 1, 2013. Under current law, the basis is the greater of such consideration or the actual value of the property conveyed. For a three-year period, the bill also expands the reduced recordation tax accorded to deeds of trust securing a refinanced mortgage with the same lender, to all such refinancings, regardless of lender. Finally, the bill increases the penalty for fraudulent understatement of the consideration for the property conveyed, from an amount equal to the tax due on the understatement to twice that amount. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/11/2011Committee
01/11/2011Prefiled and ordered printed; offered 01/12/11 11101869D
01/11/2011Referred to Committee on Finance
01/17/2011Assigned Finance sub: #2
01/25/2011Impact statement from TAX (HB1908)
01/31/2011Subcommittee recommends reporting (8-Y 0-N)
02/02/2011Tabled in Finance