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DE HB298
Bill
Status
Introduced
2/11/2022
Primary Sponsor
Ruth Briggs King
Click for details
AI Summary
- Creates a realty transfer tax reduction for senior Delaware residents age 65 or older who have lived in Delaware for at least 10 consecutive years prior to selling their primary residence
- Reduces the grantor's (seller's) portion of realty transfer tax by an amount equal to 0.5% multiplied by the lesser of the property value or $400,000
- Applies to contracts entered into after the effective date of the act
- Mirrors the existing first-time home buyer tax reduction that applies to grantees (purchasers)
- Does not affect the grantee's realty transfer tax obligation, though grantees who qualify for other reductions remain eligible for those benefits
Legislative Description
An Act To Amend Title 30 Of The Delaware Code Relating To Realty Transfer Tax.
Last Action
Introduced and Assigned to Revenue & Finance Committee in House
2/11/2022
Committee Referrals
Revenue & Finance2/11/2022
Full Bill Text
No bill text available