Recordation tax; eliminates exemption for deeds of trust securing a refinanced obligation. (SB409)

Introduced By

Sen. Emmett Hanger (R-Mount Solon)

Progress

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

Description

Recordation tax.  Eliminates the recordation tax exemption for certain deeds of trust securing a refinanced obligation, and establishes a reduced tax for all refinancing deeds of trust or mortgages that is equal to a maximum of 18 cents ($0.18) per $100 of the amount refinanced. Under current law, there is an exemption for a deed of trust or mortgage that is refinanced with the same lender on the principal amount of the original debt; all other such instruments of refinancing are subject to the tax at rates higher than the new rates established in the bill. Amends § 58.1-803, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/11/2012Prefiled and ordered printed; offered 01/11/12
01/11/2012Prefiled and ordered printed; offered 01/11/12 12102509D
01/11/2012Referred to Committee on Finance
01/28/2012Impact statement from TAX (SB409)
02/07/2012Reported from Finance (11-Y 4-N) (see vote tally)
02/08/2012Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/09/2012Read second time and engrossed
02/10/2012Read third time and passed Senate (39-Y 1-N) (see vote tally)
02/17/2012Placed on Calendar
02/17/2012Read first time
02/17/2012Referred to Committee on Finance
02/20/2012Impact statement from TAX (SB409)
02/20/2012Assigned Finance sub: #1
02/27/2012Reported from Finance with amendments (21-Y 0-N) (see vote tally)
02/28/2012Read second time
02/29/2012Engrossed by House as amended SB409
02/29/2012Read third time
02/29/2012Committee amendments agreed to
02/29/2012Engrossed by House as amended
02/29/2012Passed House with amendments (91-Y 5-N)
02/29/2012VOTE: PASSAGE (91-Y 5-N) (see vote tally)
02/29/2012House amendments agreed to by Senate (40-Y 0-N) (see vote tally)
03/05/2012Enrolled
03/05/2012Bill text as passed Senate and House (SB409ER)
03/05/2012Signed by Speaker
03/07/2012Impact statement from TAX (SB409ER)
03/07/2012Signed by President
04/09/2012Governor's recommendation received by Senate
04/17/2012Placed on Calendar
04/18/2012Senate concurred in Governor's recommendation (39-Y 0-N) (see vote tally)
04/18/2012House concurred in Governor's recommendation (91-Y 2-N)
04/18/2012VOTE: ADOPTION (91-Y 2-N) (see vote tally)
04/18/2012G Governor's recommendation adopted
04/18/2012Reenrolled
04/18/2012Reenrolled bill text (SB409ER2)
04/18/2012Signed by President as reenrolled
04/18/2012Signed by Speaker as reenrolled
04/18/2012G Approved by Governor-Chapter 820 (effective 7/1/12)
04/18/2012G Acts of Assembly Chapter text (CHAP0820)

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 10 minutes.

Duplicate Bills

The following bills are identical to this one: HB1082.