2015 -- S 0706 | |
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LC001747 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2015 | |
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A N A C T | |
RELATING TO TAXATION - REAL ESTATE CONVEYANCE TAX | |
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Introduced By: Senator Walter S. Felag | |
Date Introduced: March 18, 2015 | |
Referred To: Senate Finance | |
(Administration) | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Section 44-25-2 of the General Laws in Chapter 44-25 entitled "Real Estate |
2 | Conveyance Tax" is hereby amended to read as follows: |
3 | 44-25-2. Exemptions. -- (a) The tax imposed by this chapter does not apply to any |
4 | instrument or writing given to secure a debt. |
5 | (b) The tax imposed by this chapter does not apply to any deed, instrument, or writing |
6 | wherein the United States, the state of Rhode Island or its political subdivisions are designated the |
7 | grantor. |
8 | (c) The tax imposed by this chapter does not apply to any deed, instrument, or writing |
9 | which has or shall be executed, delivered, accepted, or presented for recording in furtherance of |
10 | or pursuant to that certain master property conveyance contract dated December 29, 1982, and |
11 | recorded in the land evidence records of the city of Providence on January 27, 1983 at 1:30 p.m. |
12 | in book 1241 at page 849, and relating to the capital center project in the city of Providence. |
13 | (d) The qualified sale of a mobile or manufactured home community to a resident-owned |
14 | organization as defined in ยง 31-44-1 is exempt from the real estate conveyance tax imposed under |
15 | this chapter. |
16 | (e) No transfer tax or fee shall be imposed by a land trust or municipality upon the |
17 | acquisition of real estate by the state of Rhode Island, or any of its political subdivisions. |
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1 | SECTION 2. This act shall take effect upon passage. |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO TAXATION - REAL ESTATE CONVEYANCE TAX | |
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1 | This act would prohibit a land trust or municipality from imposing a transfer tax or fee |
2 | upon real estate acquisitions by the state or any of its political subdivisions. |
3 | This act would take effect upon passage. |
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