sb 111 recordation and transfer taxes · senate bill 111: recordation and transfer taxes –...

Gigi Godwin, President and CEO Montgomery County Chamber of Commerce 51 Monroe Street, Suite 1800 Rockville, MD 20850 301-738-0015 www.mcccmd.com SENATE BILL 111: RECORDATION AND TRANSFER TAXES – EXEMPTIONS – PROPERTY CONVEYED FROM SOLE PROPRIETORSHIP TO LIMITED LIABILITY COMPANY BUDGET AND TAXATION COMMITTEE FEBRUARY 1, 2017 SUPPORT The Montgomery County Chamber of Commerce ("MCCC"), as the voice of Montgomery County business, supports Senate Bill 111, which exempts a transfer of real property from a sole proprietorship to a limited liability company from recordation and transfer taxes if the sole member of the limited liability company is identical to the converting sole proprietor and specified other conditions are met; and providing that the transfer of a controlling interest in a limited liability company that is the product of an untaxed conversion from a sole proprietorship is subject to the recordation and transfer tax under specified circumstances. Economic competitiveness is a key area of focus for MCCC in pursuit of accelerating the success of our members. Given the recent increase in the Montgomery County recordation tax, we believe it is important to avoid penalizing an individual who, for a variety of reasons, would need to transfer real property from a sole proprietorship to a limited liability company. For these reasons, we request a favorable report on Senate Bill 111. The Montgomery County Chamber of Commerce (MCCC) accelerates the success of our members by advocating for increased business opportunities, strategic investment in infrastructure and balanced tax reform to advance Metro Maryland as a regional, national and global location for business success. Established in 1959, MCCC is an independent non-profit membership organization and is proud to be a Montgomery County Green Certified Business. To Lead, Advocate and Connect as the Voice of Business

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Page 1: SB 111 Recordation and Transfer Taxes · SENATE BILL 111: RECORDATION AND TRANSFER TAXES – EXEMPTIONS ... specified other conditions are met; ... advocating for increased business

GigiGodwin,PresidentandCEO

MontgomeryCountyChamberofCommerce51MonroeStreet,Suite1800Rockville,MD20850

301-738-0015www.mcccmd.com

SENATE BILL 111: RECORDATION AND TRANSFER TAXES – EXEMPTIONS – PROPERTY CONVEYED FROM SOLE PROPRIETORSHIP TO LIMITED

LIABILITY COMPANY

BUDGET AND TAXATION COMMITTEE

FEBRUARY 1, 2017

SUPPORT TheMontgomeryCountyChamberofCommerce("MCCC"),asthevoiceofMontgomeryCountybusiness,supportsSenateBill111,whichexemptsatransferofrealpropertyfromasoleproprietorshiptoalimitedliabilitycompanyfromrecordationandtransfertaxesifthesolememberofthelimitedliabilitycompanyisidenticaltotheconvertingsoleproprietorandspecifiedotherconditionsaremet;andprovidingthatthetransferofacontrollinginterestinalimitedliabilitycompanythatistheproductofanuntaxedconversionfromasoleproprietorshipissubjecttotherecordationandtransfertaxunderspecifiedcircumstances.EconomiccompetitivenessisakeyareaoffocusforMCCCinpursuitofacceleratingthesuccessofourmembers.GiventherecentincreaseintheMontgomeryCountyrecordationtax,webelieveitisimportanttoavoidpenalizinganindividualwho,foravarietyofreasons,wouldneedtotransferrealpropertyfromasoleproprietorshiptoalimitedliabilitycompany.Forthesereasons,werequestafavorablereportonSenateBill111.

TheMontgomeryCountyChamberofCommerce(MCCC)acceleratesthesuccessofourmembersbyadvocatingforincreasedbusinessopportunities,strategicinvestmentininfrastructureandbalancedtax

reformtoadvanceMetroMarylandasaregional,nationalandgloballocationforbusinesssuccess.Establishedin1959,MCCCisanindependentnon-profitmembershiporganizationandisproudtobea

MontgomeryCountyGreenCertifiedBusiness.

To Lead, Advocate and Connect as the Voice of Business

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