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Assembly Commerce and Economic Development Committee Statement to Assembly, No. 1269 (October 21, 2020)

Summary

A statement of the Assembly Commerce and Economic Development Committee to the Assembly on Assembly Bill No. 1269 of the State of New Jersey, dated October 21, 2020. The committee reports the bill favorably. The bill eliminates the fee, equal to 1 percent of the total consideration paid, on the purchaser of Class 4A commercial property transferred by deed for consideration in excess of $1 million. It also eliminates a parallel tax on the purchaser in a non-deed transfer of a controlling interest in an entity that owns Class 4A commercial properties. The statement says the bill was pre-filed for introduction in the 2020-2021 session pending technical review and, as reported, includes the changes required by technical review.

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Cite this document

“Assembly Commerce and Economic Development Committee Statement to Assembly, No. 1269 (October 21, 2020).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-10-21-ace-a1269-s1-275fa6bd00/, SHA-256 cb9f5cfb3c7d5ee4157c84d345c154f4ed653904e91848b7d937593818d7358d.

Full text

ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                          STATEMENT TO

                     ASSEMBLY, No. 1269

       STATE OF NEW JERSEY
                         DATED: OCTOBER 21, 2020

          The Assembly Commerce and Economic Development Committee
      reports favorably Assembly Bill No. 1269.
          This bill eliminates the fee, equal to 1 percent of the total
      consideration paid, on the purchaser of Class 4A commercial property
      transferred by deed for consideration in excess of $1 million. Class
      4A commercial property is any kind of income-producing real
      property other than property classified as vacant land, residential
      property or apartments, farm property, and industrial property.
          This bill also eliminates a parallel tax on the purchaser in a non-
      deed transfer of a controlling interest in an entity that owns Class 4A
      commercial properties, equal to 1 percent of the total consideration
      paid, if the total consideration for the transfer is in excess of $1
      million.
          This bill was pre-filed for introduction in the 2020-2021 session
      pending technical review. As reported, the bill includes the changes
      required by technical review, which has been performed.

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