Legislation

Title: Recordation and Transfer Taxes - Exemptions - Property Conveyed From Sole Proprietorship to Limited Liability Company
Sponsored by: Delegates A. Miller, Chang, Ebersole, Jalisi, Kramer, Krebs, Lam, Mautz, West, and K. Young
Status: Approved by the Governor - Chapter 64
Analysis: Fiscal and Policy Note

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 limited liability company that is the product of an untaxed conversion from a sole proprietorship is subject to the recordation and transfer tax under specified circumstances; etc.

Committees

Original:: Ways and Means Click to view Recorded Media

Opposite:: Budget and Taxation Click to view Recorded Media

Details

Cross-filed with: SB0111

Introduced in a prior session as: HB0044 Session: 2016 Regular Session

Bill File Type: Regular

Effective Date(s): July 1, 2017

History

Legislation History
Chamber House Calendar Date 1/25/2017 Legislative Date 1/25/2017 Action First Reading Ways and Means Proceedings
Chamber Calendar Date Legislative Date Action Text - First - Recordation and Transfer Taxes - Exemptions - Property Conveyed From Sole Proprietorship to Limited Liability Company Proceedings
Chamber House Calendar Date 2/01/2017 Legislative Date 2/01/2017 Action Hearing 2/16 at 1:00 p.m. Proceedings
Chamber Calendar Date Legislative Date Action Vote - House - Committee - Ways and Means Proceedings Click to view Recorded Media
Chamber House Calendar Date 3/02/2017 Legislative Date 3/02/2017 Action Favorable with Amendments Report by Ways and Means Proceedings
Chamber House Calendar Date 3/03/2017 Legislative Date 3/03/2017 Action Favorable with Amendments {805060/1 Adopted Proceedings 38 Click to view Recorded Media
Chamber House Calendar Date 3/03/2017 Legislative Date 3/03/2017 Action Second Reading Passed with Amendments Proceedings 38 Click to view Recorded Media
Chamber Calendar Date Legislative Date Action Text - Third - Recordation and Transfer Taxes - Exemptions - Property Conveyed From Sole Proprietorship to Limited Liability Company Proceedings
Chamber House Calendar Date 3/07/2017 Legislative Date 3/07/2017 Action Third Reading Passed (137-0) Proceedings 40 Click to view Recorded Media
Chamber Senate Calendar Date 3/09/2017 Legislative Date 3/09/2017 Action Referred Budget and Taxation Proceedings 40 Click to view Recorded Media
Chamber Senate Calendar Date 3/15/2017 Legislative Date 3/15/2017 Action Hearing 3/21 at 1:00 p.m. Proceedings
Chamber Calendar Date Legislative Date Action Vote - Senate - Committee - Budget and Taxation Proceedings Click to view Recorded Media
Chamber Senate Calendar Date 3/23/2017 Legislative Date 3/23/2017 Action Favorable Report by Budget and Taxation Proceedings
Chamber Senate Calendar Date 3/24/2017 Legislative Date 3/22/2017 Action Favorable Adopted Second Reading Passed Proceedings 51 Click to view Recorded Media
Chamber Senate Calendar Date 3/27/2017 Legislative Date 3/23/2017 Action Third Reading Passed (46-0) Proceedings 52 Click to view Recorded Media
Chamber House Calendar Date 3/27/2017 Legislative Date 3/22/2017 Action Returned Passed Proceedings 56 Click to view Recorded Media
Chamber Post Passage Calendar Date 4/11/2017 Legislative Date 4/11/2017 Action Approved by the Governor - Chapter 64 Proceedings
Chamber Calendar Date Legislative Date Action Text - Chapter - Recordation and Transfer Taxes - Exemptions - Property Conveyed From Sole Proprietorship to Limited Liability Company Proceedings

Chamber	Calendar Date	Legislative Date	Action	Proceedings
House	1/25/2017	1/25/2017	First Reading Ways and Means
			Text - First - Recordation and Transfer Taxes - Exemptions - Property Conveyed From Sole Proprietorship to Limited Liability Company
House	2/01/2017	2/01/2017	Hearing 2/16 at 1:00 p.m.
			Vote - House - Committee - Ways and Means	Click to view Recorded Media
House	3/02/2017	3/02/2017	Favorable with Amendments Report by Ways and Means
House	3/03/2017	3/03/2017	Favorable with Amendments {805060/1 Adopted	38 Click to view Recorded Media
House	3/03/2017	3/03/2017	Second Reading Passed with Amendments	38 Click to view Recorded Media
			Text - Third - Recordation and Transfer Taxes - Exemptions - Property Conveyed From Sole Proprietorship to Limited Liability Company
House	3/07/2017	3/07/2017	Third Reading Passed (137-0)	40 Click to view Recorded Media
Senate	3/09/2017	3/09/2017	Referred Budget and Taxation	40 Click to view Recorded Media
Senate	3/15/2017	3/15/2017	Hearing 3/21 at 1:00 p.m.
			Vote - Senate - Committee - Budget and Taxation	Click to view Recorded Media
Senate	3/23/2017	3/23/2017	Favorable Report by Budget and Taxation
Senate	3/24/2017	3/22/2017	Favorable Adopted Second Reading Passed	51 Click to view Recorded Media
Senate	3/27/2017	3/23/2017	Third Reading Passed (46-0)	52 Click to view Recorded Media
House	3/27/2017	3/22/2017	Returned Passed	56 Click to view Recorded Media
Post Passage	4/11/2017	4/11/2017	Approved by the Governor - Chapter 64
			Text - Chapter - Recordation and Transfer Taxes - Exemptions - Property Conveyed From Sole Proprietorship to Limited Liability Company

File Code

Subjects

Statutes