SB 87 — Realty Transfer Tax/Exemptions/Revisions

1 sponsors · 0 co-sponsors · 61 not signed on

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Frequently asked questions

What does SB 87 do?

This Act makes the following changes to the realty transfer tax: (1) Clarifies that the exemption from the realty transfer tax for conveyances to or from an organization exempt from tax under § 501(c)(3) of the federal Internal Revenue Code when the purpose of the conveyance is to provide owner-occupied housing to low and moderate income households applies to rehabilitating residential properties and reselling the properties without profit and to constructing residences on properties and reselling the properties without profit. (2) Exempts any portion of a conveyance in which it is the grantee’s intent to construct affordable housing units and the conveyances are financed using funding provided by the federal government, this State, or a county or municipality of this State for the purpose of constructing affordable housing units, defined as a residential dwelling for a household whose income does not exceed 80% of the median income for the area as defined by the United States Department of Housing and Urban Development. (3) Exempts any portion of a conveyance financed through the federal Low Income Housing Tax Credit program. (4) Clarifies that individuals are first-time homebuyers if they intend to occupy the property being conveyed as their principal residence after the construction of a residence on the property to include circumstances where the residence cannot be built within 90 days after the property is purchased. This Act corrects the first-time homebuyer definition related to individuals purchasing as joint tenants or cotenants to replace “none” with “neither” to conform the number of joint tenants or cotenants indicated by the indefinite pronoun to the number indicated by the use of “both” later in the sentence. This Act also makes technical corrections to conform existing law to the standards of the Delaware Legislative Drafting Manual.

Who sponsors SB 87?

SB 87 is sponsored by Russell Huxtable (Democratic).

What is the current status of SB 87?

This bill died with 152nd General Assembly. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

Where can I track SB 87?

Track SB 87 free on One Click Politics — get push/email alerts when it moves.