Eliminates one percent tax on purchasers of Class 4A commercial property transferred for consideration in excess of $1 million.

Summary

The bill eliminates the one‑percent tax that buyers currently pay when they acquire a controlling interest in an entity that owns Class 4A commercial real estate for more than $1 million. It applies only to non‑deed transfers that meet the $1 million threshold. The change is meant to reduce costs for commercial property investors.

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