Bill > A1096

Introduced Session

This bill excludes the gains on sales of certain real estate purchases from taxation under the corporation business tax and gross income tax to stimulate real estate sales. The exclusions apply to gains on the sales of certain land purchased by the taxpayer during the three year period beginning on the date of enactment of this bill and ending on that same calendar date three years later. The exclusions apply to investment property that is not occupied by the taxpayer. Vacant land, land in its unimproved state and idle land not actively used for agriculture or other purposes, are not eligible for the exclusion. If this investment property is held for more than two years before it is sold, then any gain on the sale is excluded from the income subject to the corporation business tax or the gross income tax.

AI Summary

Committee Categories

John DiMaio (R)*,  Wayne DeAngelo (D), 

Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 01/09/2024)

Official Document