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2020 SESSION

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HB 1615 Recordation tax; supplemental writings.

Introduced by: Richard C. "Rip" Sullivan, Jr. | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Recordation tax; deeds of trust or mortgages. Provides that for a deed of trust or mortgage (i) that conveys property that is either (a) partly within and partly outside the Commonwealth or (b) is within the Commonwealth and secures debts secured by deeds of trust on property outside the Commonwealth and (ii) secures the entire amount of that debt, recordation tax shall only be imposed on the proportion of debt that the Virginia property bears to the actual value of the entire amount of property conveyed.

SUMMARY AS INTRODUCED:

Recordation tax; supplemental writings. Provides that recordation of a supplemental writing for certain deeds of trust and mortgages shall not be taxable, even if the supplemental writing recites an increase in the principal amount of bonds or obligations. The deeds of trust or mortgages that qualify for this exemption are those that convey property within the Commonwealth to secure obligations outside the Commonwealth and do not state an increase in the amount of the principal obligation secured that was apportioned to property within the Commonwealth.