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2018 SESSION

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HB 288 Recordation tax; exemptions, certain limited liability companies & limited or general partnerships.

Introduced by: Jason S. Miyares | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Recordation tax exemption; certain limited liability companies and limited or general partnerships. Provides a recordation tax exemption for deeds transferring property (i) to a subsidiary limited liability company or partnership from its parent limited liability company or partnership, (ii) from a subsidiary limited liability company or partnership to a parent limited liability company or partnership, (iii) to a limited liability company or partnership from a commonly owned limited liability company or partnership, or (iv) to a limited liability company or limited or general partnership from a commonly owned limited liability company or limited or general partnership, if the transaction qualifies for nonrecognition of gain or loss under the Internal Revenue Code and if the transfer is not a precursor or subsequent to a transfer of control of the assets of the company to avoid recordation taxes.


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