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

Summary

A statement dated March 14, 2022 in which the New Jersey Assembly Commerce and Economic Development Committee reports favorably Assembly Bill No. 2233. The bill would eliminate the one percent controlling interest transfer tax (CITT) imposed on the purchaser, in a non-deed transfer, of a controlling interest in an entity that owns Class 4A commercial property, when the total consideration exceeds $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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