Amendments to SB 670 Legislation Will Place Responsible Limits on Private Transfer Taxes.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- Senate Bill 670 (Correa), "Private Transfer Tax Prohibition prohibition, legal prevention of the manufacture, transportation, and sale of alcoholic beverages, the extreme of the regulatory liquor laws. The modern movement for prohibition had its main growth in the United States and developed largely as a result of the " has been amended to place responsible restrictions on private transfer taxes levied by developers and limit the proceeds to environmental and affordable housing efforts related to the new development on which the private transfer taxes are imposed. The original legislation, sponsored by the CALIFORNIA ASSOCIATION OF REALTORS[R] (C.A.R.), brought needed attention to a number of significant problems related to the imposition The printing of pages on a single sheet of paper in a particular order so that they come out in the correct sequence when cut and folded. of private transfer taxes and proposed an outright prohibition on private transfer taxes. "C.A.R. identified about a dozen significant problems associated with the imposition of private transfer taxes," said C.A.R. President Colleen col·leen n. An Irish girl. [Irish Gaelic cailín, diminutive of caile, girl, from Old Irish. Badagliacco. "Currently, there are no restrictions on where or how proceeds from private transfer taxes can be spent; no accountability or oversight
Oversight may refer to:
"SB 670, as amended, addresses each and every one of those problems in a responsible manner," she said. SB 670 now places restrictions on the imposition of private transfer taxes, including: * Limiting the use of transfer tax funds to facilities or services that provide a public benefit in the same county, or within 25 miles, of the development imposing the private transfer taxes. * Requiring that the private transfer tax beneficiary beneficiary Person or entity (e.g., a charity or estate) that receives a benefit from something (e.g., a trust, life-insurance policy, or contract). A primary beneficiary receives proceeds from a trust or insurance policy before any other. annually file an audited financial statement which also includes a report on the progress that has been made with regard to providing the public benefit. * Requiring private transfer tax payment obligations be imposed for a defined number of years, and in no case longer than 30 years, or until a particular dollar amount has been raised, whichever comes first. * Limiting private transfer taxes to no more than 1 percent of the home sale price. * Providing disclosure of the existence of a private transfer tax payment obligation via a separately recorded document. SB 670 is scheduled for hearing on May 8 by the Senate Transportation and Housing Committee. Leading the way...[R] in California real estate for more than 100 years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time CALIFORNIA ASSOCIATION OF REALTORS[R] (www.car.org) is one of the largest state trade organizations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , with nearly 200,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles. Today's release also is available on C.A.R. Online at http://www.car.org/index.php?id=MzczMzY. |
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