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DE HB470
Bill
Status
6/9/2022
Primary Sponsor
Stephen Smyk
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AI Summary
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Increase annual realty transfer tax deposit to Infrastructure Account from $1,000,000 to $2,500,000 by December 15 of each fiscal year.
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Increase annual realty transfer tax deposit to Endowment Account for Open Space Program from $9,000,000 to $17,500,000 by December 15 of each fiscal year.
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Raise maximum annual distribution from Endowment Account from 5% to 7.5% of the 5-year rolling average value, with 2/3 allocated to Outdoor Recreation, Parks and Trails Program and 1/3 to Stewardship Program.
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Adjusts funding levels to account for inflation since 2001 and accommodate increased real estate costs, particularly in coastal areas.
Legislative Description
An Act To Amend Title 30 Of The Delaware Code Relating To Realty Transfer Taxes And The Delaware Land And Water Conservation Trust Fund.
Last Action
Introduced and Assigned to Revenue & Finance Committee in House
6/9/2022