HOUSE BILL 879

Sponsored By:

Delegates Poole and Frank

Entitled:

Limited Liability Companies - Tax Exemption for Transfers of Real Property From a Predecessor Entity to a Limited Liability Company

Synopsis:

Altering the exemption from recordation and State and county transfer taxes, for an instrument in writing that transfers title to real property from specified entities to a limited liability company, to allow conveyances of real property to more than one limited liability company under specified circumstances.

History by Legislative Date

House Action

2/12

First Reading Ways and Means

2/18

Hearing 3/5 at 2:00 p.m.

3/17

Withdrawn

Senate Action

No Action

Sponsored by:

Delegate D. Bruce Poole, District 2B

Delegate Robert L. Frank, District 11

Bill indexed under the following Subjects:

COMMERCE AND BUSINESS -see also- ENTERPRISE ZONES;SMALL BUS.

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, Enrolled

Fiscal Note: Available (PDF)

Amendments: None offered