Bill
Bill > A2233
NJ A2233
NJ A2233Eliminates one percent tax on purchasers of Class 4A commercial property transferred for consideration in excess of $1 million.
summary
Introduced
02/07/2022
02/07/2022
In Committee
06/20/2022
06/20/2022
Crossed Over
06/16/2022
06/16/2022
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 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% tax on the purchaser in a non-deed transfer of a controlling interest in an entity that owns Class 4A commercial properties, if the total consideration for the transfer exceeds $1 million. Class 4A commercial property refers to any income-producing real estate that is not classified as vacant land, residential, farm, or industrial property.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (5)
Last Action
Received in the Senate, Referred to Senate Budget and Appropriations Committee (on 06/20/2022)
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/2022/A2233 |
| BillText | https://pub.njleg.gov/Bills/2022/A2500/2233_I1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/A2500/2233_I1.PDF |
| Fiscal Note - Fiscal Estimate 3/22/22; as introduced | https://pub.njleg.gov/Bills/2022/A2500/2233_E1.PDF |
| Analysis - Statement ACE 3/14/22 | https://pub.njleg.gov/Bills/2022/A2500/2233_S1.PDF |
| Analysis - Statement AAP 6/14/22 | https://pub.njleg.gov/Bills/2022/A2500/2233_S2.PDF |
| Fiscal Estimate 3/22/22; as introduced | https://www.njleg.state.nj.us/Bills/2022/A2500/2233_E1.PDF |
| Statement ACE 3/14/22 | https://www.njleg.state.nj.us/Bills/2022/A2500/2233_S1.PDF |
| BillText | https://www.njleg.state.nj.us/Bills/2022/A2500/2233_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/A2500/2233_I1.PDF |
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