City Council’s Finance Committee on Nov. 29 voted to approve a bill that proponents say would close a loophole that permits certain large commercial transactions to pay lower realty transfer tax payments. The legislation, sponsored by Councilman Al Taubenberger, is supported by the Kenney administration, which believes that large real estate companies are avoiding their fair share of taxes. The legislation seeks to capture additional transfer tax revenue from company sales or mergers that involve transfer of property ownership of large commercial properties. During a hearing on the legislation, a number of amendments were introduced that would delay implementation to July 1 in order to ensure pending transactions would not be adversely affected.
View the proposed amendments.