Bill Text: DE HB166 | 2011-2012 | 146th General Assembly | Draft
Bill Title: An Act To Amend Title 30 Of The Delaware Code Relating To Realty Transfer Tax.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2012-06-13 - Reported Out of Committee (APPROPRIATIONS) in House with 2 Favorable, 3 On Its Merits [HB166 Detail]
Download: Delaware-2011-HB166-Draft.html
SPONSOR: |
Rep. Brady & Rep. Bennett & Sen. McDowell |
|
Reps. Kenton, Ramone; Sens. Bonini, Cloutier, Connor |
HOUSE OF REPRESENTATIVES 146th GENERAL ASSEMBLY |
HOUSE BILL NO. 166 |
AN ACT TO AMEND TITLE 30 OF THE DELAWARE CODE RELATING TO REALTY TRANSFER TAX. |
Section 1.Amend §5401(1), Title 30 of the Delaware Code by adding thereto a new paragraph to read:
"x. Any conveyance to a first-time home buyer, being one who is buying a principal residence and has not owned his or her principal residence during the past three years; provided, however, that only half of the total transfer tax shall be exempt and all of the exemption shall accrue only to the benefit of the first-time home buyer. If more than one home buyer is purchasing the property, in order to qualify for this exemption, each buyer must be a first-time home buyer as defined in this paragraph."
Section 2. Amend §5407, Title 30 of the Delaware Code by renumbering subsection (3) as "(4)" and adding thereto a new subsection (3) to read as follows:
"(3) An affidavit to be presented with the document stating the names of all real estate brokers, salespersons, and other licensed professional receiving commission money from the transaction, along with their certificate or license number issued by the Delaware Division of Professional Regulation;".
SYNOPSIS
This bill exempts the half of the State realty transfer tax for first-time home buyers.This bill also allows the Department of Finance to adopt rules and regulations for an affidavit to state the names and professional license number of the real estate brokers, salespersons, or other licensed professional receiving commission money.This will enhance the ability of the Department of Finance to collect income taxes due on the commission money, particularly from non-residents. |