summary
Introduced
03/29/2021
03/29/2021
In Committee
03/29/2021
03/29/2021
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd General Court
Bill Summary
Relative to the imposition of a fee on the purchase price upon the transfer of real property interest to alien purchasers in certain real property transactions. Revenue.
AI Summary
This bill imposes a 15% fee on the purchase price of any real property transferred to a "nonresident purchaser" (a person who is not a U.S. citizen or national) in cities and towns that accept the provisions of the act. The fee is the liability of the nonresident purchaser and must be paid to the city or town, which will deposit the funds into an affordable housing trust fund. There are some exemptions, such as if the real property is used as the nonresident purchaser's principal residence. The bill also outlines penalties for nonpayment of the fee, including interest and additional fines. Cities and towns can choose to accept the provisions of the act through a specified procedure.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Accompanied a study order, see H5279 (on 10/06/2022)
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://malegislature.gov/Bills/192/H2854 |
| Bill | https://malegislature.gov/Bills/192/H2854.pdf |
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