SUBJECT: CONVEYANCE, Tax Hike, Exemption for Property with Price Cap, Change Earmarks
BILL NUMBER: SB 678
INTRODUCED BY: SAN BUENAVENTURA, CHANG, MCKELVEY
EXECUTIVE SUMMARY: Increases the conveyance tax rates. Exempt the conveyance tax on property with a restriction on increasing the rental price or resale price above any increase in the consumer price index for at least thirty years. Removes the maximum disposition caps of the conveyance tax allocated to the Rental Housing Revolving Fund and Legacy Land Use Conservation Fund. Allocates ten per cent of the conveyance tax for homeless services and supportive housing. Creates the Homeless Services Fund. Continue reading SB 678