Assembly Commerce and Economic Development Committee Statement to Assembly No. 2233 (March 14, 2022)

Summary

The New Jersey Assembly Commerce and Economic Development Committee reported Assembly Bill No. 2233 favorably on March 14, 2022. The bill would eliminate the one percent controlling interest transfer tax paid by buyers of a controlling interest in an entity owning Class 4A commercial property for more than $1 million.

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ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                          STATEMENT TO

                     ASSEMBLY, No. 2233

       STATE OF NEW JERSEY
                           DATED: MARCH 14, 2022

          The Assembly Commerce and Economic Development Committee
      reports favorably Assembly Bill No. 2233.
          This bill would eliminate the one percent tax imposed on the
      purchaser, in a non-deed transfer, of a controlling interest in an entity
      that owns Class 4A commercial property, otherwise known as the
      controlling interest transfer tax (CITT), if the total consideration for
      the transfer is 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.


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