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SPONSOR: |
Rep. Caulk & Rep. Hudson & |
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Sen. Sharp & Sen. Simpson; Reps. Buckworth, Carey, B. Ennis, Ewing, Keeley, Lee, Quillen, Schroeder, Valihura, Viola, West, Williams; Sens. Adams, Bunting, Cook, Vaughn, Venables |
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HOUSE OF REPRESENTATIVES 141st GENERAL ASSEMBLY |
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HOUSE BILL NO. 626 |
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AN ACT TO AMEND TITLE 30, DELAWARE CODE, RELATING TO REALTY TRANSFER TAX AND FUNDING OF AGRICULTURAL LAND PRESERVATION. |
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend § 5402, Chapter 54, Title 30, Delaware Code by striking the percentage "2 percent" and wherever it appears therein and substituting in lieu thereof the number "2.5 percent".
Section 2. Amend § 5402(f), Chapter 54, Title 30, Delaware Code by striking the percentage rate of "1%" as stated therein and substituting in lieu thereof the percentage rate of "1.5%".
Section 3. Amend § 5402, Chapter 54, Title 30, Delaware Code by adding a new subsection to read as follows:
"(g) Notwithstanding subsections (a) through (f) of this Section, first time home buyers shall be exempt from 20% of the tax imposed upon said buyer pursuant to this Section.".
Section 4. Amend § 5415(a)(1) and (2), Chapter 54, Title 30, Delaware Code by striking said paragraphs in their entirety and substituting in lieu thereof the following:
"(1) Fifty-five percent to the Division of Revenue;
(2) Twenty percent to the State Treasurer to be deposited in a special fund for distribution pursuant to the Delaware Agricultural Lands Preservation Program; and
(3) Twenty-five percent to the State Treasurer to be deposited in a special fund for distribution to municipalities and Counties in accordance with this Section.".
SYNOPSIS
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This Bill increases the State's realty transfer tax rate .5% and allocates 20% of the State's realty transfer tax revenues to funding agriculture land preservation. |