This bill modifies the real estate transfer tax requirements, expanding exemptions for certain instruments from the declaration of value submission.

This bill amends the real estate transfer tax regulations by expanding the exemptions for certain instruments from the declaration of value requirement. Specifically, it exempts instruments resulting from corporate mergers, consolidations, or reorganizations, and certain family corporation deeds. Additionally, it exempts deeds transferring real property in an incorporation, dissolution, or organization of a partnership or limited liability company when no actual consideration is involved.

This bill modifies the real estate transfer tax requirements, expanding exemptions for certain instruments from the declaration of value submission.

This bill amends the real estate transfer tax regulations by expanding the exemptions for certain instruments from the declaration of value requirement. Specifically, it exempts instruments resulting from corporate mergers, consolidations, or reorganizations, and certain family corporation deeds. Additionally, it exempts deeds transferring real property in an incorporation, dissolution, or organization of a partnership or limited liability company when no actual consideration is involved.