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DE HB166
Bill
Status
6/4/2009
Primary Sponsor
George Bunting
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AI Summary
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Exempts first-time home buyers from half of the Delaware state realty transfer tax when purchasing a principal residence, with the exemption requiring the buyer not to have owned a principal residence in the past three years.
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Requires all purchasers on a property to qualify as first-time home buyers to receive the exemption if multiple buyers are involved.
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Mandates an affidavit accompany transfer documents listing the names, certificate numbers, and license numbers of all real estate brokers, salespersons, and other licensed professionals receiving commission money from the transaction.
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Authorizes the Department of Finance to adopt rules and regulations regarding the affidavit requirement to enhance income tax collection on real estate commissions, particularly from non-resident professionals.
Legislative Description
An Act To Amend Chapter 65, Volume 295, Laws Of Delaware, An Act To Reincorporate The Town Of Bethany Beach Regarding The Referendum Power, And To Allow Natural Persons Holding Title To Real Estate As Trustee, And The Spouses Of Persons Who Hold Title To Real Estate (either In Their Own Name Or As Trustee), To Vote In Municipal Elections; And Placing A Limit On The Total Number Of Persons Who May Qualify To Vote As A "nonresident Property Owner" To A Maximum Of Eight Persons Per Property.
Last Action
Reported Out of Committee (COMMUNITY/COUNTY AFFAIRS) in Senate with 3 On Its Merits
6/24/2009