Real Estate Tax Bill Nixed

A bill that would have created a tax on the sale of real estate failed yesterday in committee on a vote of 4 to 5. The bill had been sponsored by Representatives Schwartz, Roscoe and Yin, along with Senator Gierau, and would have allowed a county to impose an excise tax on the sale of real property of any kind based on the total amount of the real property sale. That tax would not have levied an assessment on sales under $1-million, and 1% would have been permitted for sales over a million.

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