Bill
Bill > A2786
NJ A2786
NJ A2786Eliminates 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 one percent tax imposed on the purchaser, in a non-deed transfer, of a controlling interest in an entity that owns Class 4A commercial property, otherwise known as the controlling interest transfer tax (CITT), 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 one percent tax, known as the controlling interest transfer tax (CITT), imposed on the purchaser of a controlling interest in an entity that owns Class 4A commercial property (any income-producing real property other than vacant land, residential, farm, or industrial property) when the total consideration for the transfer exceeds $1 million. The bill specifies that the repeal of this tax will not affect any existing tax obligations, audits, or legal proceedings related to the CITT, and that the repeal will take effect on the first day of the second month following the date of enactment and apply to transfers made on or after that date.
Committee Categories
Business and Industry
Sponsors (4)
Last Action
Introduced, Referred to Assembly Commerce, Economic Development and Agriculture Committee (on 01/09/2024)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/A2786 |
| BillText | https://pub.njleg.gov/Bills/2024/A3000/2786_I1.HTM |
Loading...