HOUSE BILL 979

Sponsored By:

Delegates Finifter, Frank, Morhaim, Mohorovic, Rzepkowski, McKee, Rosapepe, Ports, Workman, Klausmeier, and Bonsack

Entitled:

Recordation and Transfer Taxes - Transfers from Partnerships to Limited Liability Companies

Synopsis:

Exempting from the recordation tax and the State and county transfer taxes instruments of writing that transfer title to real property from a partnership to a limited liability company if the members of the limited liability company are identical to the partners of the converting partnership and each member's allocation of profits and losses in the limited liability company is identical to that member's allocation in the partnership.

Legislative History

House Action

2/2

First Reading Ways and Means

2/21

Hearing 3/12 at 1:00 p.m.

3/19

Favorable with Amendments Report by Ways and Means

Favorable with Amendments Report Adopted

Second Reading Passed with Amendments

3/20

Third Reading Passed (135-0)

4/1

Returned Passed

5/23

Signed by the Governor Chapter 690

Senate Action

3/20

First Reading Budget and Taxation

3/22

Hearing 3/27 at 1:30 p.m.

4/3

Favorable Report by Budget and Taxation

4/2

Favorable Report Adopted

Second Reading Passed

4/3

Third Reading Passed (46-0)

Sponsored by:

Delegate Michael J. Finifter, District 11

Delegate Rose Mary Hatem Bonsack, District 34

Delegate Robert L. Frank, District 11

Delegate Katherine Klausmeier, District 8

Delegate Robert A. McKee, District 2A

Delegate Jacob J. Mohorovic, Jr., District 7

Delegate Dan K. Morhaim, District 11

Delegate James F. Ports, Jr., District 8

Delegate James C. Rosapepe, District 21

Delegate James E. Rzepkowski, District 32

Delegate Betty Workman, District 1B

Bill indexed under the following Subjects:

COMMERCE AND BUSINESS -see also- SMALL BUSINESS

EXEMPTIONS

LIABILITY -see also- GOOD SAMARITAN

PARTNERSHIPS

RECORDATION -see also- TRANSFER TAX

REVENUE AND TAXES - GENERAL

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:

House

Number: 295228/1 (PDF) Offered on: MARCH 19, 1996 at: 10:49 Status: Adopted