Skip to content

Bills · 2013-2014 Regular Session

SB 690

Died at session end Official bill text Atom feed

Relating to: an exemption from the real estate transfer fee involving members of a limited liability company. (FE)

Corporation Real estate transfer fee

  1. Introduced, stopped here
  2. Passes Senate, not reached
  3. Passes Assembly, not reached
  4. Governor signs, not reached
  5. Law, not reached

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

Under current law, a real estate transfer fee is imposed on a person who conveys

real estate to another person. The fee is equal to 30 cents for each $100 of property

value. The real estate transfer fee, however, does not apply to certain conveyances.

Under current law, a conveyance between a limited liability company and one or

more of its members is exempt from the fee if all the members are related to each

other and if the transfer is for no consideration other than the assumption of debt or

an interest in the limited liability company.

This bill creates an additional exemption to the real estate transfer fee so that

a conveyance between a limited liability company and two or more of its members is

exempt from the fee if the members have equal interests in the limited liability

company and if the transfer is for no consideration other than the assumption of debt

or an interest in the limited liability company.

Sponsors

Introduced by: Schultz (R)

Full history

  1. Mar 21, 2014 · Senate

    Introduced by Senator Schultz

  2. Mar 21, 2014 · Senate

    Read first time and referred to Committee on Insurance and Housing

  3. Apr 8, 2014 · Senate

    Failed to pass pursuant to Senate Joint Resolution 1