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Bill > S3490
NJ S3490
NJ S3490Eliminates one percent tax on purchasers of Class 4A commercial property transferred for consideration in excess of $1 million.
summary
Introduced
03/04/2021
03/04/2021
In Committee
01/06/2022
01/06/2022
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill eliminates the tax on the purchaser in a non-deed transfer of a controlling interest in an entity that owns Class 4A commercial properties, equal to 1 percent of the total consideration paid, if the total consideration for the transfer is in excess of $1 million. Class 4A commercial property is any kind of income-producing real property other than property classified as vacant land, residential property or apartments, farm property, and industrial property.
AI Summary
This bill eliminates the 1 percent tax on purchasers of Class 4A commercial property (any income-producing real property other than vacant land, residential, farm, or industrial property) when the total consideration for the transfer of a controlling interest in the property exceeds $1 million. The bill specifies that the repeal of the tax does not affect any existing tax obligations, and that the repeal takes effect on the first day of the second month following the date of enactment, applying to transfers made on or after that date.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Substituted by A1269 (1R) (on 01/10/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2020/S3490 |
| BillText | https://www.njleg.state.nj.us/Bills/2020/S3500/3490_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2020/S3500/3490_I1.PDF |
| BillText | https://www.njleg.state.nj.us/2020/Bills/S3500/3490_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/S3500/3490_I1.PDF |
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