2008 Regular Session

SENATE BILL 559

File Code: Taxes - Recordation and Transfer Prior Year Introduction As: HB 409/07 - W&M Crossfiled with: HOUSE BILL 260
Sponsored By:
Senators Madaleno, Jones, and King
Entitled:
Recordation Tax - Indemnity Mortgages

Synopsis:

Providing that, for purposes of the recordation tax, secured debt with respect to an indemnity mortgage, deeds of trust, or other security interests in real property securing a guarantee of repayment of a loan for which the guarantor is not primarily liable is deemed to be incurred as debt is incurred on the guaranteed loan and the recordation tax applies as if the guarantor were primarily liable for the guaranteed loan; etc.

History by Legislative and Calendar Date

Legislative date is used to record history occuring in the Chambers otherwise Calendar date is used.
Senate Action
2/1
First Reading Budget and Taxation
2/20
Hearing 3/6 at 1:00 p.m.
House Action
No Action

Sponsored by:

Senator Richard S. Madaleno, Jr., District 18
Senator Verna L. Jones, District 44
Senator Nancy J. King, District 39

Bill indexed under the following Subjects:

Loans -see also- Mortgages
Mortgages
Recordation
Revenue and Taxes -see also- Dev Fees &Taxes; specific tax
Security Interests -see also- Liens; Mechanics` Liens

Bill affects the following Statute:

Tax - Property
( 12-105 )

Documents:

Bill Text (Displayed in PDF Format): First Reading, Third Reading, Enrolled
Fiscal and Policy Note (Displayed in PDF Format): Available
Amendments: None offered