A bill that attempts to close a tax loophole revealed by a Review-Journal investigation passed the Legislature and awaits action by Gov. Joe Lombardo.
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Experts say the legislation to close the transfer tax loophole will not result in a significant increase in the payments.
Lawmakers introduced the bill in response to a Review-Journal investigation that showed some of the largest real estate transactions did not pay a transfer tax.
Proposed legislation would ensure the tax still applies if the property is transferred to a business entity that was “formed for the purpose of avoiding those taxes.”