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ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2003 SESSION
HB 1994 Land gains tax.
Introduced by: Robert S. Bloxom | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Land gains tax. Creates a land gains tax to be paid by the seller on the sale or exchange of land in excess of 10 acres according to the following:
Tax Rates for Individuals
Holding Over 400% 300%-400% 200%-299% 100%-199% Less Than
Period Net Gain Net Gain Net Gain Net Gain 100%
Net Gain
Less Than
1 year 20% 18% 16% 14% 12%
1-2 years 18% 16% 14% 12% 10%
2-3 years 16% 14% 12% 10% 8%
3-4 years 14% 12% 10% 8% 6%
4-5 years 12% 10% 8% 6% 5.75%
5-6 years 10% 8% 6% 5.75% 5.75%
6-7 years 8% 6% 5.75% 5.75% 5.75%
7-8 years 6% 5.75% 5.75% 5.75% 5.75%
Over
8 years 5.75% 5.75% 5.75% 5.75% 5.75%
Tax Rates for Corporations
Holding Over 400% 300%-400% 200%-299% 100%-199% Less Than
Period Net Gain Net Gain Net Gain Net Gain 100%
...............................................................Net Gain
Less Than
1 year 21% 19% 17% 15% 13%
1-2 years 19% 17% 15% 13% 11%
2-3 years 17% 15% 13% 11% 9%
3-4 years 15% 13% 11% 9% 7%
4-5 years 13% 11% 9% 7% 6%
5-6 years 11% 9% 7% 6% 6%
6-7 years 9% 7% 6% 6% 6%
7-8 years 7% 6% 6% 6% 6%
Over
8 years 6% 6% 6% 6% 6%
FULL TEXT
HISTORY
- 01/08/03 House: Presented & ordered printed, prefiled 01/07/03 032482644
- 01/08/03 House: Referred to Committee on Finance
- 01/29/03 House: Passed by in Finance with letter (22-Y 0-N)