1997 Regular Session

SENATE BILL 814

File Code: Recordation and Transfer Crossfiled with: HOUSE BILL 1118
Sponsored By:
Senator Boozer
Entitled:
Limited Liability Companies - Tax Exemption for Transfers of Real Property From a Predecessor Entity to a Limited Liability Company

Synopsis:

Clarifying that an instrument of writing that transfers title to real property from a predecessor entity or a trustee or nominee of a predecessor entity to a limited liability company is not subject to recordation and State or county transfer tax under specified circumstances; and defining "predecessor entity".

Legislative History

Senate Action
2/7
First Reading Senate Rules
2/14
Re-referred Budget and Taxation
2/19
Hearing 3/5 at 1:30 p.m.
2/21
Hearing cancelled
Hearing 3/5 at 1:00 p.m.
3/24
Favorable with Amendments Report by Budget and Taxation
3/25
Favorable with Amendments Report Adopted
Second Reading Passed with Amendments
3/26
Third Reading Passed (45-0)
House Action
3/24
First Reading Ways and Means
3/28
Hearing 4/1 at 1:00 p.m.
4/5
Favorable with Amendments Report by Ways and Means
3/31
Favorable with Amendments Report Adopted
Special Order 4/7 (Delegate Gordon) Adopted
4/3
Second Reading Passed with Amendments
4/4
Special Order next session (Delegate W. Baker) Adopted
4/5
Special Order next session (Delegate O'Donnell) Adopted
Special Order later today (Delegate McClenahan) Adopted
4/6
Special Order later today (Delegate Owings) Adopted
Bill indexed under the following Subjects:
COMMERCE AND BUSINESS -see also- SMALL BUSINESS
CORPORATIONS -see also- MERGERS
EXEMPTIONS
LIABILITY -see also- GOOD SAMARITAN
PARTNERSHIPS
REAL PROPERTY
RECORDATION -see also- TRANSFER TAX
REVENUE AND TAXES -see also specific taxes -
TRANSFER TAX -see also- RECORDATION
Bill affects the following Statutes:
Tax - Property
( 12-108 , 13-207 , 13-405 )

Documents:

Bill Text:
First Reading (PDF), Third Reading (PDF), Enrolled
Fiscal Note: Available (PDF)

Amendments:
Senate
Number: 869808/1 (PDF) Offered on: MARCH 25, 1997 at: 11:54 Status: Adopted
House
Number: 405131/1 (PDF) Offered on: APRIL 5, 1997 at: 11:52 Status: Adopted