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2009 SESSION

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HB 2135 Recordation/grantor tax; penalty if understatement of consideration is false with intent to evade.

Introduced by: Jackson H. Miller | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Recordation taxes; basis.  Changes from a Class 2 to a Class 1 misdemeanor the criminal penalty for knowingly misrepresenting the consideration for the interest in property conveyed for purposes of recordation and grantor taxes.  The bill also would provide a penalty equal to 100 percent of the tax due on the understatement of the consideration in cases in which the understatement is false or fraudulent with the intent to evade a tax.  The bill incorporates HB 1823.

SUMMARY AS PASSED HOUSE:

Recordation taxes; basis.  Changes from a Class 2 to a Class 1 misdemeanor the criminal penalty for knowingly misrepresenting the consideration for the interest in property conveyed for purposes of recordation and grantor taxes.  The bill also would provide a penalty equal to 100 percent of the tax due on the understatement of the consideration in cases in which the understatement is fraudulent with the intent to evade a tax.  The bill incorporates HB 1823.

SUMMARY AS INTRODUCED:

Recordation taxes; basis.  Changes the basis on which recordation taxes are calculated on the transfer of real estate to the stated consideration for the real estate. Under current law the basis is the consideration for the real estate or the value of the real estate, whichever is greater.