Bill Text: VA HB1431 | 2011 | Regular Session | Introduced
Bill Title: Recordation tax; reduces state tax on deeds of trust.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-02-02 - House: Tabled in Finance by voice vote [HB1431 Detail]
Download: Virginia-2011-HB1431-Introduced.html
11100157D Be it enacted by the General Assembly of Virginia: 1. That § 58.1-803 of the Code of Virginia is amended and reenacted as follows: § 58.1-803. Deeds of trust or mortgages; maximum tax. A. A recordation tax on deeds of trust or mortgages is hereby
imposed at a rate of B. On deeds of trust or mortgages upon the works and property of a railroad lying partly within the Commonwealth and partly without the Commonwealth, the tax shall be only upon such proportion of the amount of bonds, or other obligations secured thereby, as the number of miles of the line of such company in the Commonwealth bears to the whole number of miles of the line of such company conveyed by such deed of trust or mortgage. Upon deeds of trust or mortgages conveying other property lying partly within the Commonwealth and partly without the Commonwealth the tax herein imposed shall be only upon such proportion of the debt secured as the value of the property located within the Commonwealth, or which may be brought into the Commonwealth, bears to the entire amount of property conveyed by such deed of trust or mortgage. C. On deeds of trust or mortgages, which provide for an initial issue of bonds, to be followed thereafter by additional bonds, unlimited in amount, if such deed of trust or mortgage provides that as and when such additional bonds are issued a supplemental indenture shall be recorded in the office in which the original deed of trust or mortgage is first recorded, which supplement shall contain a statement as to the amount of the additional bonds to be issued, then the tax shall be paid upon the initial amount of bonds when the original deed of trust is recorded and thereafter on each additional amount of bonds when the supplemental indenture relating to such additional bonds is recorded. On deeds of trust or mortgages which are supplemental to or wrap around existing deeds of trust on which the tax imposed hereunder has already been paid, the tax shall be paid only on that portion of the face amount of the bond or obligation secured thereby which is in addition to the amount of the existing debt secured by a deed of trust or mortgage on which tax has been paid. The instrument shall certify the amount of the existing debt.
On the first $10 million of value as determined pursuant to
this section, On the next $10 million of value as determined pursuant to
this section, On the next $10 million of value as determined pursuant to
this section, On the next $10 million of value as determined pursuant to
this section, On all over $40 million of value as determined pursuant to
this section, |