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Bill > S56
NJ S56
NJ S56Eliminates one percent tax on purchasers of Class 4A commercial property transferred for consideration in excess of $1 million.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 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 purchasers of Class 4A commercial properties transferred for consideration in excess of $1 million. Class 4A commercial property refers to any income-producing real estate other than vacant land, residential, farm, or industrial property. The bill ensures that any outstanding tax obligations, liens, or duties related to the repealed tax will still be enforceable, and that all taxes and returns due under the previous law will remain payable. The repeal takes effect on the first day of the second month following the date of enactment and applies to transfers made on or after that date.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/09/2024)
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://www.njleg.state.nj.us/bill-search/2024/S56 |
| BillText | https://pub.njleg.gov/Bills/2024/S0500/56_I1.HTM |
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