Russ Huxtable
- Democratic
- Senator
- District 6
This Act is a substitute for Senate Bill No. 87. Like Senate Bill No. 87, this Act does the following: (1) Clarifies that the exemption from the realty transfer tax for conveyances to or from an organization exempt from tax under § 501(c)(3) of the federal Internal Revenue Code when the purpose of the conveyance is to provide owner-occupied housing to low and moderate income households applies to rehabilitating residential properties and reselling the properties without profit and to constructing residences on properties and reselling the properties without profit. (2) Exempts any portion of a conveyance in which it is the grantee’s intent to construct affordable housing units and the conveyances are financed using funding provided by the federal government, this State, or a county or municipality of this State for the purpose of constructing affordable housing units, defined as a residential dwelling for a household whose income does not exceed 80% of the median income for the area as defined by the United States Department of Housing and Urban Development. (3) Clarifies that individuals are first-time homebuyers if they intend to occupy the property being conveyed as their principal residence after the construction of a residence on the property to include circumstances where the residence cannot be built within 90 days after the property is purchased. (4) Corrects the first-time homebuyer definition related to individuals purchasing as joint tenants or cotenants to replace “none” with “neither” to conform the number of joint tenants or cotenants indicated by the indefinite pronoun to the number indicated by the use of “both” later in the sentence. (5) Makes technical corrections to conform existing law to the standards of the Delaware Legislative Drafting Manual. This Act differs from Senate Bill No. 87 by removing the exemption created by Senate Bill No. 87 for any portion of a conveyance financed through the federal Low Income Housing Tax Credit program.
Signed by Governor
Amendment HA 1 to SS 1 - Stricken in House
Passed By House. Votes: 25 YES 16 ABSENT
Amendment HA 1 to SS 1 - Introduced and Placed With Bill
Reported Out of Committee (Revenue & Finance) in House with 4 Favorable, 5 On Its Merits
Assigned to Revenue & Finance Committee in House
Passed By Senate. Votes: 20 YES 1 ABSENT
Adopted in lieu of the original bill SB 87, and Assigned to Finance Committee in Senate
Bill Text Versions | Format |
---|---|
Bill Text | PDF HTML |
Document | Format |
---|---|
Fiscal Note |
Data on Open States is updated periodically throughout the day from the official website of the Delaware General Assembly.
If you notice any inconsistencies with these official sources, feel free to file an issue.