Bill
Bill > S3269
NJ S3269
NJ S3269Allows real estate salespersons and broker-salespersons to form limited liability company to receive commission income.
summary
Introduced
12/06/2018
12/06/2018
In Committee
12/06/2018
12/06/2018
Crossed Over
Passed
Dead
01/08/2020
01/08/2020
Introduced Session
2018-2019 Regular Session
Bill Summary
This bill allows real estate salespersons or broker-salespersons, to form a limited liability company, or any other entity permitted by law, to receive commission income from the licensed real estate broker with whom the salesperson is contracted to provide his or her services. The specific permission for a salesperson or broker-salesperson to operate through a limited liability company is intended to eliminate any confusion as to whether they may take advantage of the pass-through business income deduction made available under section 199A of the Federal Internal Revenue Code as part of the federal tax reforms which will take effect for tax year 2018, as a result of the 2017 "Tax Cut and Jobs Act."
AI Summary
This bill allows real estate salespersons or broker-salespersons to form a limited liability company or any other entity permitted by law in order to receive commission income from the licensed real estate broker with whom they are contracted to provide services. This change is intended to clarify that these real estate professionals can take advantage of the pass-through business income deduction made available under section 199A of the Federal Internal Revenue Code as part of the 2017 "Tax Cuts and Jobs Act."
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 12/06/2018)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2018/Bills/S3500/3269_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2018/Bills/S3500/3269_I1.PDF |
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