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.

2011 SESSION

• | print version

HB 1908 Recordation and grantor taxes; changes basis on which taxes are calculated on property conveyance.

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

SUMMARY AS INTRODUCED:

Recordation and grantor taxes.  Changes the basis on which recordation and grantor taxes are calculated on the conveyance of real estate to the consideration for the property conveyed, effective July 1, 2013. Under current law, the basis is the greater of such consideration or the actual value of the property conveyed. For a three-year period, the bill also expands the reduced recordation tax accorded to deeds of trust securing a refinanced mortgage with the same lender, to all such refinancings, regardless of lender. Finally, the bill increases the penalty for fraudulent understatement of the consideration for the property conveyed, from an amount equal to the tax due on the understatement to twice that amount.

FULL TEXT

• 01/11/11  House: Prefiled and ordered printed; offered 01/12/11 11101869D  pdf | impact statement

HISTORY

• 01/11/11  House: Prefiled and ordered printed; offered 01/12/11 11101869D
• 01/11/11  House: Referred to Committee on Finance
• 01/17/11  House: Assigned Finance sub: #2
• 01/31/11  House: Subcommittee recommends reporting (8-Y 0-N)
• 02/02/11  House: Tabled in Finance by voice vote