Recordation tax; exemption for certain limited liability companies & limited/general partnerships. (HB1489)

Introduced By

Del. Jason Miyares (R-Virginia Beach)

Progress

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

Description

Recordation tax exemption; certain limited liability companies and limited or general partnerships. Provides a recordation tax exemption for deeds transferring property (i) to a subsidiary limited liability company or partnership from its parent limited liability company or partnership, (ii) from a subsidiary limited liability company or partnership to a parent limited liability company or partnership, (iii) to a limited liability company or partnership from a commonly owned limited liability company or partnership, or (iv) to a limited liability company or limited or general partnership from a commonly owned limited liability company or limited or general partnership, if the transaction qualifies for nonrecognition of gain or loss under the Internal Revenue Code. Amends § 58.1-811, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
12/14/2016Prefiled and ordered printed; offered 01/11/17 17101246D
12/14/2016Referred to Committee on Finance
01/11/2017Assigned Finance sub: Subcommittee #1
01/22/2017Impact statement from TAX (HB1489)
01/25/2017Subcommittee recommends laying on the table
02/07/2017Left in Finance