HBADE members: Please click here for our recap from the just concluded legislative session. While we had some big wins (including defeating the State attempt to eliminate allowing taxpayers to itemize all deductions), the increased transfer tax is a loss to affordable homeownership and our industry (this is House Bill 279). As we previously said, this was put together at the last minute on July 1st and really was a blindside to us. The new tax in the bill does not take effect until August 1, 2017, so contracts entered into before that date are not impacted (this is a generalization, you should read the bill, lines 30-32 for the exact language).
Please click here for a link to the bill on the State website. Besides seeing the text of the bill, you can also view the roll call results of which legislators voted to support this bill.