Bill
Bill > A1284
NJ A1284
NJ A1284Eliminates the 1% fee, and the 1% tax, on purchasers of Class 4A commercial property transferred for consideration in excess of $1 million.
summary
Introduced
01/09/2018
01/09/2018
In Committee
01/09/2018
01/09/2018
Crossed Over
Passed
Dead
01/08/2020
01/08/2020
Introduced Session
2018-2019 Regular Session
Bill Summary
This bill eliminates the fee, equal to 1 percent of the total consideration paid, on the purchaser of Class 4A commercial property transferred by deed for consideration 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. This bill also eliminates a parallel 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.
AI Summary
This bill eliminates the 1% fee and the 1% tax on purchasers of Class 4A commercial property transferred for consideration in excess of $1 million. Class 4A commercial property refers to any income-producing real property other than vacant land, residential, farm, or industrial property. The bill also repeals the parallel 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.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Introduced, Referred to Assembly Appropriations Committee (on 01/09/2018)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2018/Bills/A1500/1284_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2018/Bills/A1500/1284_I1.PDF |
Loading...