AB362 ensures property-related transactions are taxed equitably. Currently, corporations can avoid paying transfer taxes by structuring transactions through entity transfers instead of direct property sales. The larger the real estate transaction, the more incentive there is for companies to practice this type of tax avoidance. This is unfair to entities who sell property through the normal process and disadvantages individuals and small businesses.
AB362 will mean greater revenue generation. This revenue helps support affordable housing, school construction, and local and state budgets.
At least 16 states and the District of Columbia charge a real estate transfer tax on transfers of interests in entities holding real property. Please support AB362 to increase much-needed revenue, while ensuring corporate accountability and fairness in our taxation system. Thank you.
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