Relating to withholding of income tax in real estate transfers; and prescribing an effective date.
Catchline/Summary:
Limits requirement for withholding funds in real estate transfer involving nonresident transferor to authorized agent. Limits requirement for withholding funds in real estate transfer involving nonresident transferor to authorized agent. Provides that authorized agent may rely on transferor's written affirmation in determining amount of includable gain. Requires attorney to withhold funds if] unless licensed escrow agent fails to comply with withholding requirements] is providing services in conveyance. Permits Department of Revenue to recover penalty for noncompliance with withholding requirements. Provides exception to requirements for licensed escrow agents if attorney also providing services in conveyance.
Applies to conveyances occurring on or after January 1, 2008. Exempts withholdings made or exemptions accepted prior to effective date of Act if in compliance with law existing before effective date.
Takes effect on 91st day following adjournment sine die.
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SB 1101
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