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  • NJ A2152
  • Provides that settlement agents are not responsible for transmitting estimated gross income tax payment and forms for certain nonresident real estate transactions unless so responsible pursuant to contract.
Introduced
(1/27/2016)
In Committee
(1/27/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill provides that settlement agents are not responsible for transmitting estimated gross income tax payments and estimated tax forms for certain nonresident real estate transactions unless so responsible pursuant to a contract associated with the sale or transfer of the real property. Generally, nonresident taxpayers are required to submit an estimated gross income tax liability payment and related forms on the gain associated with the sale or transfer of New Jersey real estate with the county recording officer at the time of the filing of a deed. In practice this can lead to a settlement agent, in the form of a buyer's attorney or title company agent, being relied upon to submit the seller's estimated gross income tax payment and related forms to the county recording officer at the time of the filing of the deed for recording. So as to avoid confusion as to the responsibilities of a settlement agent, this bill precludes a settlement agent from being responsible for the submission of estimated gross income tax and related forms on certain nonresident real estate transactions, unless operating under a contract associated with the sale or transfer of real property to do so.
Not specified
Introduced, Referred to Assembly Appropriations Committee  (on 1/27/2016)
 
 
Date Chamber Action Description
1/27/2016 A Introduced, Referred to Assembly Appropriations Committee
Date Motion Yea Nay Other
None specified