Bill Text: DE HB124 | 2015-2016 | 148th General Assembly | Draft

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Bill Title: An Act Proposing An Amendment To The Delaware Constitution Relating To The Realty Transfer Tax.

Spectrum: Partisan Bill (Republican 21-1)

Status: (Introduced - Dead) 2016-03-15 - Defeated by House of Representatives. Votes: Defeated 20 YES 17 NO 0 NOT VOTING 4 ABSENT 0 VACANT [HB124 Detail]

Download: Delaware-2015-HB124-Draft.html

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SPONSOR:	Rep. Wilson & Sen. Pettyjohn;
	Reps. D. Short, Hudson, Briggs King, Collins, Dukes, Gray, Hensley, Kenton, Miro, Outten, Peterman, Ramone, Smyk, Spiegelman, Yearick, Carson; Sens. Hocker, Lawson, Richardson

HOUSE OF REPRESENTATIVES

148th GENERAL ASSEMBLY

HOUSE BILL NO. 124

AN ACT PROPOSING AN AMENDMENT TO THE DELAWARE CONSTITUTION RELATING TO THE REALTY TRANSFER TAX.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two-thirds of all members elected to each house thereof concurring therein):

Section 1.Amend Article VIII of the Constitution of the State of Delaware by making deletions as shown by strike through and insertions as shown by underline as follows:

§ 12 Restriction on use of Realty Transfer Tax

Section 12.Beginning in the fiscal year 2018, no monies received by the State as a result of a State imposed real estate transfer tax shall be appropriated or drawn from the treasury unless and until $10,000,000 in receipts are transferred to the Delaware Farmland Preservation Fund.

SYNOPSIS

The Delaware Farmland Preservation Fund was created under the Delaware Agricultural Lands Preservation Act in order to conserve, protect, and encourage improvement of agricultural lands within the State.The Legislature has previously expressed its desire that $10 million in receipts from the State Realty Transfer Tax be allocated annually to this fund in order to accomplish its goals.This Act is the first leg of a constitutional amendment that will make this allocation binding on all future administrations and General Assemblies, thus allowing this essential program to continue protecting one of our State's most important resources.