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