Legislation

Title: 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
Analysis: Fiscal and Policy Note (Revised)

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.

Committees

Original:: Budget and Taxation Click to view Recorded Media

Opposite:: Ways and Means Click to view Recorded Media

Details

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

History

Legislation History
Chamber Senate Calendar Date 1/13/2017 Legislative Date 1/13/2017 Action First Reading Budget and Taxation 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 Senate Calendar Date 1/18/2017 Legislative Date 1/18/2017 Action Hearing 2/01 at 2:00 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 2/06/2017 Legislative Date 2/06/2017 Action Favorable with Amendments Report by Budget and Taxation Proceedings
Chamber Senate Calendar Date 2/08/2017 Legislative Date 2/08/2017 Action Favorable with Amendments {679137/1 Adopted Proceedings 19 Click to view Recorded Media
Chamber Senate Calendar Date 2/08/2017 Legislative Date 2/08/2017 Action Second Reading Passed with Amendments Proceedings 19 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 Senate Calendar Date 2/13/2017 Legislative Date 2/13/2017 Action Third Reading Passed (46-0) Proceedings 22 Click to view Recorded Media
Chamber House Calendar Date 2/14/2017 Legislative Date 2/14/2017 Action Referred Ways and Means Proceedings 25 Click to view Recorded Media
Chamber House Calendar Date 3/01/2017 Legislative Date 3/01/2017 Action Hearing 3/23 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 3/30/2017 Legislative Date 3/30/2017 Action Favorable Report by Ways and Means Proceedings
Chamber House Calendar Date 3/30/2017 Legislative Date 3/26/2017 Action Favorable Adopted Second Reading Passed Proceedings 60 Click to view Recorded Media
Chamber House Calendar Date 3/31/2017 Legislative Date 3/27/2017 Action Third Reading Passed (138-0) Proceedings 61 Click to view Recorded Media
Chamber Senate Calendar Date 4/03/2017 Legislative Date 3/28/2017 Action Returned Passed Proceedings 57 Click to view Recorded Media
Chamber Post Passage Calendar Date 4/11/2017 Legislative Date 4/11/2017 Action Approved by the Governor - Chapter 63 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
Senate	1/13/2017	1/13/2017	First Reading Budget and Taxation
			Text - First - Recordation and Transfer Taxes - Exemptions - Property Conveyed From Sole Proprietorship to Limited Liability Company
Senate	1/18/2017	1/18/2017	Hearing 2/01 at 2:00 p.m.
			Vote - Senate - Committee - Budget and Taxation	Click to view Recorded Media
Senate	2/06/2017	2/06/2017	Favorable with Amendments Report by Budget and Taxation
Senate	2/08/2017	2/08/2017	Favorable with Amendments {679137/1 Adopted	19 Click to view Recorded Media
Senate	2/08/2017	2/08/2017	Second Reading Passed with Amendments	19 Click to view Recorded Media
			Text - Third - Recordation and Transfer Taxes - Exemptions - Property Conveyed From Sole Proprietorship to Limited Liability Company
Senate	2/13/2017	2/13/2017	Third Reading Passed (46-0)	22 Click to view Recorded Media
House	2/14/2017	2/14/2017	Referred Ways and Means	25 Click to view Recorded Media
House	3/01/2017	3/01/2017	Hearing 3/23 at 1:00 p.m.
			Vote - House - Committee - Ways and Means	Click to view Recorded Media
House	3/30/2017	3/30/2017	Favorable Report by Ways and Means
House	3/30/2017	3/26/2017	Favorable Adopted Second Reading Passed	60 Click to view Recorded Media
House	3/31/2017	3/27/2017	Third Reading Passed (138-0)	61 Click to view Recorded Media
Senate	4/03/2017	3/28/2017	Returned Passed	57 Click to view Recorded Media
Post Passage	4/11/2017	4/11/2017	Approved by the Governor - Chapter 63
			Text - Chapter - Recordation and Transfer Taxes - Exemptions - Property Conveyed From Sole Proprietorship to Limited Liability Company

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Statutes