|Posted:||March 29, 2017 10:27 AM|
|From:||Representative Francis X. Ryan|
|To:||All House members|
|Subject:||LEGISLATION - VETERANS' SERVICE ORGANIZATIONS (VSO) EXEMPTION FROM REALTY TRANSFER TAX|
|I plan to introduce legislation to exempt Veterans’ Service Organizations (VSO) from realty transfer taxes as defined under Act 2 of 1971, known as the Tax Reform Code.
As you may know, the Commonwealth of Pennsylvania currently collects a realty transfer tax, which is imposed at the rate of 1% on the value of the real estate being transferred by deed, instrument, long-term lease or other writing. Both the grantor and grantee are held jointly liable for payment of this tax. Counties can also impose an additional local realty transfer tax.
Currently, some real estate transfers are exempt from the realty transfer tax such as:
Specifically, this legislation will exempt veterans’ service organizations, such as the American Legion and VFW from the realty transfer tax when the home association property is transferred to the VSO.
I invite you to join me in sponsoring this legislation.
Introduced as HB1105