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2004 SESSION

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SB 73 Churches; those incorporated exempt from recordation and property taxes.

Introduced by: Janet D. Howell | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Churches; recordation taxes on incorporated churches or religious bodies. The bill exempts from state and local recordation taxes deeds conveying real estate to an incorporated church or religious body, deeds of trust or mortgages given by an incorporated church or religious body, and deeds conveying real estate from an incorporated church or religious body. The bill contains an emergency clause with an effective date of January 1, 2004.

SUMMARY AS INTRODUCED:

Churches; incorporation. Provides that churches may incorporate and hold legal title to real or personal property. In general, any legitimate business transaction or act of an incorporated church may be made without the appointment or use of trustees, to include the conveyance of any real or personal property owned by the incorporated church. A trustee of a church would be permitted to convey real or personal property to an incorporated church without the filing of an application or petition or other action in circuit court.

The bill would exempt from state and local recordation taxes deeds conveying real estate to an incorporated church, deeds of trust or mortgages given by an incorporated church, and deeds conveying real estate from an incorporated church.

The bill contains an emergency clause with an effective date of January 1, 2004.