Introduced
by
To temporarily raise the real estate transfer tax from .75 percent to .85 percent, and give the additional revenue to the local government for public safety spending. This would be in effect from May 1, 2007 to Dec. 1, 2008. The bill is tie barred to HB 4440 (each will only become law if the other does), which authorizes a temporary moratorium on the Proposal A taxable value “pop-up” for property that is sold as a homestead (principle residence).
Referred to the Committee on Tax Policy
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that changes the time period of the higher tax, to April 1, 2007 until Sept. 30, 2008.
The substitute passed by voice vote
Amendment offered
by
To revise the distribution of the real estate transfer tax, including the increased revenue this bill would temporarily take. Under current law, the revenue goes to the state school aid fund. The amendment would instead give counties 25 percent of the money and local governments 75 percent of it, and require these to spend it on police officers, courts and jails. After Sept. 30, 2008, the money would again go into the school aid fund.
The amendment passed by voice vote
Amendment offered
by
To require counties to report to the Department of Treasury which parcels the transfer tax is collected on and where they are located.
The amendment passed by voice vote
Amendment offered
by
To exclude new construction from the (temporarily) higher tax.
The amendment passed by voice vote
Amendment offered
by
To require the money distributed under the bill to counties and local governments for public safety measures to be used in addition to whatever they are currently spending for this, rather than to replace current revenue going toward public safety measures.
The amendment passed by voice vote
Amendment offered
by
To not include new construction in the (temporarily) higher tax.
The amendment passed by voice vote
Amendment offered
by
To require the money distributed under the bill to counties and local governments for public safety measures to be used in addition to whatever they are currently spending for this, rather than to supplant current revenue going toward public safety measures.
The amendment passed by voice vote
Passed in the House 58 to 50 (details)
To temporarily raise the real estate transfer tax applied to sales of primary residences from .75 percent to .85 percent, and give this tax revenue to the county and local government in which a parcel is located. These would be required to use the money for extra public safety spending. The higher tax would not apply to new construction. The higher tax and revised distribution would be in effect from April 1, 2007 to Sept. 1, 2008. The bill is tie barred to HB 4440 (each will only become law if the other does), which authorizes a temporary moratorium on the Proposal A taxable value “pop-up” for property that is sold as a homestead (principle residence).
Referred to the Committee on Finance
