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  • NJ A4562
  • Clarifying ownership requirements for certain homes and seasonal rentals exempt from bulk sale notification requirements, amending P.L.2007, c.100.
Introduced
(2/13/2017)
In Committee
(2/13/2017)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill is intended to clarify the type of sellers exempt from the bulk sale notification requirements. The bulk sale notification requirement is intended to aid in the collection of State taxes. To help assure that a business pays all of its State taxes due prior to the sale of business assets, the Director of the Division of Taxation must be notified of the sale at least 10 days before the transfer of goods. If the notification requirements are not met, the seller may become liable for the taxes owed by the seller. While the bulk sale notification requirements are necessary for the transfer of business assets, the notification requirements merely add an unnecessary and unduly burdensome requirement to home sales. Currently, the sale of certain property is exempt from the bulk sale notification requirements when the owner of the property is an individual, trust, or estate. This bill is intended to clarify that when more than one individual, trust, or estate jointly own a home, the sale of such home is exempt from the bulk sale notification requirements. A home is defined as a one- or two-family home and single noncommercial dwelling units, whether those units are detached homes, condominiums or coops. The exemption from bulk sale notifications also extends to the sale of seasonal rental units and the leases for the seasonal use or rental of units owned, either jointly or individually, by an individual, trust, or estate. Seasonal rental unit and seasonal lease are defined either in parallel with existing statutory definitions or as a dwelling unit rented for a period of no more than 125 consecutive days by a person having a permanent residence elsewhere. The requirement that the sale of property, including homes, seasonal rental units and leases for the seasonal use or rental of units, owned by a business entity is subject to the bulk sale notification requirement remains intact. The bill is retroactive to August 1, 2007, the date on which the bulk sale notification requirements first took effect.
Not specified
Introduced, Referred to Assembly Housing and Community Development Committee  (on 2/13/2017)
 
 

Date Chamber Action Description
2/13/2017 A Introduced, Referred to Assembly Housing and Community Development Committee
Date Motion Yea Nay Other
None specified