summary
Introduced
02/16/2023
02/16/2023
In Committee
02/16/2023
02/16/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
193rd 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 a city or town that accepts the provisions of the act. The fee is the liability of the nonresident purchaser and is to be paid to the city or town, which must deposit the revenue into an affordable housing trust fund. The bill provides exceptions for transfers where the real property is used as the principal residence by the nonresident purchaser. The bill also outlines penalties and enforcement mechanisms for nonpayment of the fee.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Accompanied a study order, see H4725 (on 06/17/2024)
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/193/H2746 |
| BillText | https://malegislature.gov/Bills/193/H2746.pdf |
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