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