Posted: | December 1, 2020 12:00 PM |
---|---|
From: | Representative Torren C. Ecker |
To: | All House members |
Subject: | Pennsylvania Realty Property Transfer Tax Exemption |
In the near future, I plan to introduce legislation that would exempt individuals and/or married couples who wish to transfer their real estate to a limited liability company from the Pennsylvania realty property transfer tax. Currently, if a married couple or individual wishes to put their rental property/properties into an LLC they are forced to pay a 2% transfer tax to complete the transaction. Placing rental properties into an LLC is a way to protect personal assets, shield the rental property owners from personal liability, and for other income tax benefits. Mandating an additional 2% transfer tax is a burdensome and unnecessary fee. This also discourages these individuals and married couples from entering into a new business opportunity. My legislation would make it possible for individuals and married couples to protect their personal assets without being penalized for doing so. Please join me in co-sponsoring this legislation. |
Introduced as HB679