VIRGINIA LAW PORTAL

• Code of Virginia
• Virginia Administrative Code
• Constitution of Virginia
• Charters
• Authorities
• Compacts
• Uncodified Acts
• RIS Users (account required)

SEARCHABLE DATABASES

• Bills & Resolutions
  session legislation
• Bill Summaries
  session summaries
• Reports to the General Assembly
  House and Senate documents
• Legislative Liaisons
  State agency contacts

ACROSS SESSIONS

• Subject Index: Since 1995
• Bills & Resolutions: Since 1994
• Summaries: Since 1994

Developed and maintained by the Division of Legislative Automated Systems.

2009 SESSION

• | print version

SB 1157 Recordation and grantor taxes; penalty for misrepresentation.

Introduced by: Richard L. Saslaw | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Recordation and grantor taxes.  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.

SUMMARY AS INTRODUCED:

Recordation and grantor taxes; basis.  Changes the basis on which recordation and grantor taxes are calculated on the transfer of real estate to the actual 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.  The provisions of the bill would become effective on July 1, 2010.