Bill Text: NJ A2371 | 2012-2013 | Regular Session | Introduced
Bill Title: Exempts from realty transfer fees, sales of homes of certain New Jersey members of the military.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-02-06 - Introduced, Referred to Assembly Appropriations Committee [A2371 Detail]
Download: New_Jersey-2012-A2371-Introduced.html
Sponsored by:
Assemblyman GORDON M. JOHNSON
District 37 (Bergen)
SYNOPSIS
Exempts from realty transfer fees sales of homes of certain New Jersey members of military.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning exemptions from realty transfer fees for certain New Jersey members of the military, amending P.L.1968, c.49.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 6 of P.L.1968, c.49 (C.46:15-10) is amended to read as follows:
6. The fee imposed by this act shall not apply to a deed:
(a) For a consideration, as defined in section (c), of less than $100.00;
(b) By or to the United States of America, this State, or any instrumentality, agency, or subdivision thereof;
(c) Solely in order to provide or release security for a debt or obligation;
(d) Which confirms or corrects a deed previously recorded;
(e) On a sale for delinquent taxes or assessments;
(f) On partition;
(g) By a receiver, trustee in bankruptcy or liquidation, or assignee for the benefit of creditors;
(h) Eligible to be recorded as an "ancient deed" pursuant to R.S.46:16-7;
(i) Acknowledged or proved on or before July 3, 1968;
(j) Between husband and wife, or parent and child;
(k) Conveying a cemetery lot or plot;
(l) In specific performance of a final judgment;
(m) Releasing a right of reversion;
(n) Previously recorded in another county and full realty transfer fee paid or accounted for, as evidenced by written instrument, attested by the grantee and acknowledged by the county recording officer of the county of such prior recording, specifying the county, book, page, date of prior recording, and amount of realty transfer fee previously paid;
(o) By an executor or administrator of a decedent to a devisee or heir to effect distribution of the decedent's estate in accordance with the provision of the decedent's will or the intestate laws of this State;
(p) Recorded within 90 days following the entry of a divorce decree which dissolves the marriage between the grantor and grantee;
(q) Issued by a cooperative
corporation, as part of a conversion of all of the assets of the cooperative
corporation into a condominium, to a shareholder upon the surrender by the
shareholder of all of the shareholder's stock in the cooperative corporation
and the proprietary least entitling the shareholder to
exclusive occupancy of a portion of the property owned by the corporation;
(r) By a member of the New Jersey National Guard or a New Jersey resident serving in the U.S. Armed Forces Reserve components, recording a transfer of the primary residence of the member within 90 days prior to being called to active duty.
(cf: P.L.1999, c.357, s.1)
2. This act shall take effect immediately and apply to transfers of real property occurring on or after January 1, 2002.
STATEMENT
This bill exempts New Jersey residents who are members of the New Jersey National Guard and reserve components of the United States Armed Forces from paying the realty transfer fee on the sale of their homes when called to active duty. To qualify for the exemption, the eligible transfer of ownership of a primary residence must occur within 90 days prior to being called to active duty.
The exemption is retroactive to sales of homes made in taxable year 2002 so as to capture sales that have resulted from the New Jersey National Guard and the reserve components of the United States Armed Forces having called up New Jersey residents to serve in the global war on terror.
