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10/28/2020 05:02 AM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20190&cosponId=29557
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House of Representatives
Session of 2019 - 2020 Regular Session

MEMORANDUM

Posted: May 13, 2019 10:53 AM
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 HB2336