Official:Amending Chapter 19-1400 of The Philadelphia Code, entitled “Realty Transfer Tax,” to clarify the definition of “Value,” under certain terms and conditions.
Sponsor: Councilmember Squilla
Introduced: February 28, 2019
Signed: May 2, 2019
: Committee on Finance
Status: Signed into Law, step 4 of 4
This bill clarifies how to calculate 'Value' for realty transfer tax purposes in Philadelphia. It ensures that taxpayers who sell real estate through a company are treated equally to those who sell directly.
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