Pete Schwartzkopf
- Democratic
- Representative
- District 14
Primary
This bill allows first-time home buyers to pay their portion of the realty transfer tax at the rate that was in effect prior to the increase that took effect on August 1, 2017. The credit is calculated as 0.5% of the first $400,000 in home value, with a maximum allowable credit of $2,000. This legislation is retroactive for any first-time home buyer who entered into a transaction for the transfer of real estate on or after August 1, 2017. The seller in any transaction with a first-time buyer will still pay the current tax rate. The bill also removes a provision that applied to contracts entered into prior to 1971, since such provision is no longer relevant. For ease of application, the new definition of "first-time home buyer" is cross-referenced in the already existing Code provision directing the counties to exempt such buyers from any county-imposed realty transfer tax. This reduction in the tax rate for first-time home buyers will be effective for transactions entered into on or after the effective date of this Act.
Signed by Governor
Passed By Senate. Votes: 20 YES 1 ABSENT
Reported Out of Committee (Banking, Business & Insurance) in Senate with 1 Favorable, 2 On Its Merits
Assigned to Banking, Business & Insurance Committee in Senate
Passed By House. Votes: 39 YES 2 ABSENT
Amendment HA 1 to HB 380 - Introduced and Placed With Bill
Amendment HA 1 to HB 380 - Passed In House by Voice Vote
Reported Out of Committee (Economic Development/Banking/Insurance/Commerce) in House with 3 Favorable, 8 On Its Merits
Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House
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| Bill Text | HTML PDF |
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| Fiscal Note | MSWORD |
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