Recordation Tax – Exemptions – SB0999 – Over the last several years NAIOP has been involved in passage of a series of proactive state bills clarifying and modernizing transfer and recordation taxes so that they apply in the same way regardless of the type of business entity involved. SB 999 exempts limited partnerships and business trusts and clarifies language the definition of original mortgagor for the purposes of refinancing.
NAIOP Position: Supported
Final Status: Passed House and Senate
Landlord and Tenant – Action for Repossession of Nonresidential Property – Service of Process – HB1329 / SB1102 -authorize the use of private process service for repossession of the premises and recovery of unpaid rent in commercial lease cases. Currently, repossession of the premises can be accomplished by posting the property but a money judgement for unpaid rent requires personal service. The agent of a commercial tenant may be at another location and difficult for the Sheriff to quickly serve. Use of private process service can speed the process and increase the chances that both proceedings can be completed on one court date.
NAIOP Position: Supported
Final Status: Passed House and Senate