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AL HB487
Bill
Status
4/23/2019
Primary Sponsor
Neil Rafferty
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AI Summary
HB 487 Summary
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Increases the Mortgage Record Tax fee from $.15 to $.20 per $100 of indebtedness (or fraction thereof) for mortgages, deeds of trust, contracts of conditional sale, and similar debt-securing instruments.
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Modifies the distribution of Mortgage Record Tax revenues to allocate 25 percent to the Alabama Housing Trust Fund, 47.5 percent to the State Treasury, 23.75 percent to county treasurers, and 3.75 percent to probate judges.
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Maintains existing exemptions for re-recordation of corrected mortgages and instruments relating solely to intangible security interests under the Uniform Commercial Code.
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Requires the Department of Revenue to determine taxable amounts for deferred indebtedness instruments and authorizes the State Banking Department to audit financial institutions for underreporting of indebtedness.
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Becomes effective on the first day of the third month following passage and approval by the Governor.
Legislative Description
Taxation, to increase the fee for recording certain mortgages, deeds of trust, contracts of conditional sale, or other instruments of like character and to modify rate and distribution of funds, Sec. 40-22-2 am'd.
Taxation
Last Action
Read for the first time and referred to the House of Representatives committee on County and Municipal Government
4/23/2019