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

Summary

Statement of the Assembly Commerce and Economic Development Committee of the State of New Jersey, dated October 21, 2020, reporting Assembly Bill 1269 favorably. The bill eliminates the fee, equal to 1 percent of the total consideration paid, charged to 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 vacant land, residential property or apartments, farm property and industrial property. The bill also eliminates a parallel 1 percent tax on the purchaser in a non-deed transfer of a controlling interest in an entity that owns Class 4A commercial properties where the consideration exceeds $1 million. The bill was pre-filed for the 2020-2021 session and includes the changes required by technical review.

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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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