Bill
Bill > S3451
NJ S3451
NJ S3451Allows real estate salespersons and broker-salespersons to form limited liability company to receive commission income.
summary
Introduced
02/11/2021
02/11/2021
In Committee
02/11/2021
02/11/2021
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill allows real estate salespersons or broker-salespersons, to form a limited liability company, or any other entity permitted by law, to receive commission income from the licensed real estate broker with whom the salesperson is contracted to provide his or her services. The specific permission for a salesperson or broker-salesperson to operate through a limited liability company is intended to eliminate any confusion as to whether they may take advantage of the pass-through business income deduction made available under section 199A of the Federal Internal Revenue Code as part of the federal tax reforms of the 2017 "Tax Cut and Jobs Act."
AI Summary
This bill allows real estate salespersons or broker-salespersons to form a limited liability company or any other entity permitted by law in order to receive commission income from the licensed real estate broker with whom the salesperson is contracted to provide their services. This change is intended to clarify that these real estate professionals can take advantage of the pass-through business income deduction under section 199A of the Federal Internal Revenue Code as part of the 2017 Tax Cut and Jobs Act.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 02/11/2021)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2020/S3451 |
| BillText | https://www.njleg.state.nj.us/Bills/2020/S3500/3451_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2020/S3500/3451_I1.PDF |
| BillText | https://www.njleg.state.nj.us/2020/Bills/S3500/3451_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/S3500/3451_I1.PDF |
Loading...