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2009 SESSION

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SB 1309 Recordation tax; expands exemption statewide.

Introduced by: Robert Hurt | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Recordation tax; exemption.  Expands the recordation tax exemption statewide for an organization exempt from taxation under § 501 (c) (3) of the Internal Revenue Code that is organized and operated primarily to acquire land and purchase materials to erect or rehabilitate low-cost homes on such land, which homes are sold at cost to persons who otherwise would be unable to afford to buy a home through conventional means, when the organization is the grantor. Under current law only such organizations located in the City of Lynchburg or Amherst County are exempt.


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