Recordation tax; clarifies tax for deeds of trust is based on value of security interest. (HB509)

Introduced By

Del. Scott Garrett (R-Lynchburg)

Progress

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

Description

Recordation tax.  Clarifies that the recordation tax for deeds of trust is based on the value of the security interest created by the deed of trust, not just the amount of the obligations described in the deed of trust. Therefore, the amount subject to tax does not include any amount that is unsecured because the value of the property conveyed by the deed of trust is inadequate to secure the full amount of obligations described in the deed of trust. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/10/2012Committee
01/10/2012Prefiled and ordered printed; offered 01/11/12 12102464D
01/10/2012Referred to Committee on Finance
01/16/2012Impact statement from TAX (HB509)
01/17/2012Assigned Finance sub: #1
01/25/2012Subcommittee recommends reporting (9-Y 1-N)
01/30/2012Reported from Finance (17-Y 4-N) (see vote tally)
01/31/2012Read first time
02/01/2012Read second time and engrossed
02/02/2012Read third time and passed House (87-Y 13-N)
02/02/2012VOTE: PASSAGE (87-Y 13-N) (see vote tally)
02/03/2012Constitutional reading dispensed
02/03/2012Referred to Committee on Finance
02/20/2012Impact statement from TAX (HB509)
02/22/2012Reported from Finance with amendment (7-Y 4-N 2-A) (see vote tally)
02/23/2012Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/24/2012Read third time
02/24/2012Reading of amendment waived
02/24/2012Committee amendment agreed to
02/24/2012Engrossed by Senate as amended
02/24/2012Passed Senate with amendment (24-Y 14-N) (see vote tally)
02/27/2012Placed on Calendar
02/28/2012Passed by for the day
02/29/2012Senate amendment agreed to by House (85-Y 12-N)
02/29/2012VOTE: ADOPTION (85-Y 12-N) (see vote tally)
03/06/2012Enrolled
03/06/2012Bill text as passed House and Senate (HB509ER)
03/06/2012Impact statement from TAX (HB509ER)
03/06/2012Signed by Speaker
03/08/2012Signed by President
04/04/2012G Approved by Governor-Chapter 505 (effective 1/1/14 - see bill)
04/04/2012G Acts of Assembly Chapter text (CHAP0505)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 3 clips in all, totaling 5 minutes.