SB0111 (CH0063)

Find a 2017 Bill:

2017 Regular Session

 

Entitled:

Recordation and Transfer Taxes - Exemptions - Property Conveyed From Sole Proprietorship to Limited Liability Company

Sponsored by:

Senator McFadden

Status:

Approved by the Governor - Chapter 63


Synopsis:Exempting a transfer of real property from a sole proprietorship to a limited liability company from recordation and transfer taxes if the sole member of the limited liability company is identical to the converting sole proprietor and specified other conditions are met; providing that the transfer of a controlling interest in a specified company is subject to specified taxes under specified circumstances; defining "sole proprietorship" to include an individual who owns an interest in real property in the individual's name; etc.
Analysis:Fiscal and Policy Note (Revised)
All Sponsors:Senator McFadden
Additional Facts:Cross-filed with: HB0363
Introduced in a prior session as: HB0044 Session: 2016 Regular Session
Bill File Type: Regular
Effective Date(s): July 1, 2017
Committee(s):
Budget and Taxation  View Committee HearingWays and Means  View Committee Hearing
Broad Subject(s):Taxes - Recordation and Transfer
Narrow Subject(s):Exemptions
Limited Liability Companies
Real Property
Recordation
Transfer Tax
Statutes:Article - Tax - Property
(12-108, 12-117, 13-103, 13-207)

How a Bill Becomes Law

Legislative Lingo

Explanation of Floor Motions and Actions


November 28, 2017 1:09 P.M.