|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