Bill Text: NJ A972 | 2010-2011 | Regular Session | Introduced
Bill Title: Exempts from realty transfer fees, sales of homes of certain New Jersey members of the military.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2010-01-12 - Introduced, Referred to Assembly Appropriations Committee [A972 Detail]
Download: New_Jersey-2010-A972-Introduced.html
STATE OF NEW JERSEY
214th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2010 SESSION
Sponsored by:
Assemblyman GORDON M. JOHNSON
District 37 (Bergen)
Assemblywoman VALERIE VAINIERI HUTTLE
District 37 (Bergen)
SYNOPSIS
Exempts from realty transfer fees, sales of homes of certain New Jersey members of the military.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel
An Act concerning exemptions from realty transfer fees for certain New Jersey members of the military, amending P.L.1968, c.49.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 6 of P.L.1968, c.49 (C.46:15-10) is amended to read as follows:
6. The fee imposed by this act shall not apply to a deed:
(a) For a consideration, as defined in section (c), of less than $100.00;
(b) By or to the United States of America, this State, or any instrumentality, agency, or subdivision thereof;
(c) Solely in order to provide or release security for a debt or obligation;
(d) Which confirms or corrects a deed previously recorded;
(e) On a sale for delinquent taxes or assessments;
(f) On partition;
(g) By a receiver, trustee in bankruptcy or liquidation, or assignee for the benefit of creditors;
(h) Eligible to be recorded as an "ancient deed" pursuant to R.S.46:16-7;
(i) Acknowledged or proved on or before July 3, 1968;
(j) Between husband and wife, or parent and child;
(k) Conveying a cemetery lot or plot;
(l) In specific performance of a final judgment;
(m) Releasing a right of reversion;
(n) Previously recorded in another county and full realty transfer fee paid or accounted for, as evidenced by written instrument, attested by the grantee and acknowledged by the county recording officer of the county of such prior recording, specifying the county, book, page, date of prior recording, and amount of realty transfer fee previously paid;
(o) By an executor or administrator of a decedent to a devisee or heir to effect distribution of the decedent's estate in accordance with the provision of the decedent's will or the intestate laws of this State;
(p) Recorded within 90 days following the entry of a divorce decree which dissolves the marriage between the grantor and grantee;
(q) Issued by a cooperative corporation, as part of a conversion of all of the assets of the cooperative corporation into a condominium, to a shareholder upon the surrender by the shareholder of all of the shareholder's stock in the cooperative corporation and the proprietary least entitling the shareholder to exclusive occupancy of a portion of the property owned by the corporation;
(r) By a member of the New Jersey National Guard or a New Jersey resident serving in the U.S. Armed Forces Reserve components, recording a transfer of the primary residence of the member within 90 days prior to being called to active duty.
(cf: P.L.1999, c.357)
2. This act shall take effect immediately and apply to transfers of real property occurring on or after January 1, 2002.
STATEMENT
This bill exempts New Jersey residents who are members of the NJ National Guard and reserve components of the US Armed Forces from paying the realty transfer fee on the sale of their homes when called to active duty to fight the global war on terror. The time period for the sale of the home shall begin within 90 days prior to being called to active duty.
Many members had to sell their residences to go on the extended call up of troops to support the fight or engage in an active role in the global war on terror.
This bill is retroactive to sales made in taxable year 2002.
