Official:Amending Chapter 19-1400 of The Philadelphia Code, entitled "Realty Transfer Tax," by excluding from the tax certain sub-subleases of property by the Fairmount Park Historic Preservation Trust, Inc. ("Trust") pursuant to a Master Sublease Agreement between the Philadelphia Authority for Industrial Development ("PAID") and the Trust, and pursuant to a Master Lease Agreement between the City and PAID, all as authorized by Bill No. 505 (approved June 8, 1993), under certain terms and conditions.
Sponsor: Councilmember Reynolds Brown
Introduced: January 25, 2005
Signed: June 16, 2005
: Committee on Parks, Recreation and Cultural Affairs
Status: Signed into Law, step 4 of 4
This bill excludes certain sub-subleases of property from paying the Realty Transfer Tax. This tax is a fee charged on properties when they are transferred or sold. The exemptions apply to specific transactions involving the Fairmount Park Historic Preservation Trust and the Philadelphia Authority for Industrial Development.
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