Recordation tax; exemptions, certain limited liability companies & limited or general partnerships. (HB288)

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 and if the transfer is not a precursor or subsequent to a transfer of control of the assets of the company to avoid recordation taxes. Amends § 58.1-811, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/03/2018Committee
01/03/2018Prefiled and ordered printed; offered 01/10/18 18102608D
01/03/2018Referred to Committee on Finance
01/19/2018Impact statement from DHCD/CLG (HB288)
01/26/2018Impact statement from TAX (HB288)
01/30/2018Assigned Finance sub: Subcommittee #1
01/31/2018Subcommittee recommends continuing to 2019
02/13/2018Left in Finance