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2002 SESSION

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SB 632 Income tax; different tax rate from sale of certain real estate.

Introduced by: Mary Margaret Whipple | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; different tax rate on income derived from sale of certain real estate. Provides for the imposition of a two and three-tenths percent tax rate on the taxable proceeds of a sale of an apartment building or complex to its tenant organization or to a nonprofit organization, effective for taxable years beginning on and after January 1, 2003, but before January 1, 2006, provided the owners of the apartment building or complex have maintained at least 20 percent of the units for low- and moderate-income taxpayers, and low- and moderate-income tenants are tenants whose annual income is no higher than forty percent of the median regional income.

FULL TEXT

• 01/18/02  Senate: Presented & ordered printed 023837608  pdf | impact statement

HISTORY

• 01/18/02  Senate: Presented & ordered printed 023837608
• 01/18/02  Senate: Referred to Committee on Finance
• 02/13/02  Senate: Failed to report (defeated) in Finance (5-Y 10-N 1-A)