New immigrants to Israel who purchase a first residence will pay significantly lower purchase tax rates than the tax payable according to the current benefit, after the Knesset Finance Committee recently approved an amendment...more
The Commonwealth Court of Pennsylvania held that an exemption to the application of PA Realty Transfer Tax Section (RTT) for no or nominal consideration from a trust under Section 1102-C.3(9.1)1 applies not only to transfers...more
Buyers and sellers of real property anticipate some tax consequences from a real estate transaction, but typically these concerns are limited to federal income tax implications. The reality is that most states impose various...more
Welcome to Construction & Claims, a periodic digest of the headlines, statutory and regulatory changes and court cases involving construction news, claims, bid protests, contract administration and payment-related disputes....more
Common Entity Types - Legal persons (such as corporations) and natural persons can generally hold rights over real property in Canada. Investment in real estate can be made through direct ownership by an individual or...more
Our previous Client Alert discussed assessable transfers of interest or “ATIs” and Fee in Lieu of Tax “FILOT” Agreements in the aftermath of significant amendments to South Carolina’s Tax Code in 2022. As discussed...more
Voters in San Francisco and California will again confront a formidable ballot during the election on March 5, 2024, with an array of qualified City measures and one state proposition to consider....more
In a decree dated October 16, 2023, the German tax authorities adopted provisions from two rulings of the German Federal Fiscal Court (BFH) from 2021 and 2022 on the allocation of real estate and also established further new...more
Key Facts of Real Estate Acquisitions Under Argentinian Law - I. INTRODUCTION. Below you will find a brief outline of the legal regulation of the acquisition of real estate property in Argentina, which is mainly...more
Starting October 1, D.C.’s recordation and transfer tax rates will decrease for the first time in four years, allowing the industry to enjoy cost savings on affected transfers commencing on the first day of the District’s...more
A recent amendment to the Los Angeles Municipal Code, Measure ULA, has greatly increased the real property transfer taxes for realty sold within the city. Properties owned and sold as tenants in common may help limit the...more
It has been more than three months since Measure ULA (a/k/a the LA Mansion Tax and the Homelessness and Housing Solutions Tax) became effective in the City of Los Angeles. Measure ULA imposes a new special transfer tax (the...more
D.C.’s recordation and transfer tax rates on commercial or mixed-use properties are on track to decrease to a combined rate of 2.9% for transactions closing after September 30, 2023. ...more
Das Jahressteuergesetz 2022 (JStG 2022) brachte verschärfte Rechtsfolgen bei Missachtung der vorgegebenen Anzeigepflichten bei Grundstücksveräußerungen mittels Übertragung von Anteilen an einer Kapitalgesellschaft („Share...more
The so-called “mansion tax” approved by Los Angeles voters in 2022 and effective April 1, 2023 (Measure ULA) is a misnomer. It establishes a new 4% documentary transfer tax on the sale of any real property priced or valued...more
In the November 2022 election, the voters of the City of Los Angeles passed Los Angeles Measure ULA (United to House LA). Measure ULA—which will go into effect on April 1, 2023—establishes and funds programs for the purposes...more
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER ARGENTINIAN LAW - Below you will find a brief outline of the legal regulation of the acquisition of real estate property in Argentina, which is mainly governed by the Argentine...more
Measure ULA, also known as the “Homelessness and Housing Solutions Tax,” was a ballot measure in Los Angeles which was recently approved by voters in the 2022 Los Angeles County Midterm Elections. Measure ULA will impose a...more
Measure ULA, also known as the Homelessness and Housing Solutions Tax (HHS Tax), and usually referred to as a "mansion tax," has been approved by voters. The measure creates a new tax on certain property transfers in the city...more
In addition to navigating through the uncertainty of current economic forecasts, real estate professionals should also be aware of a growing trend in the Golden State: real property transfer tax hikes. Recently, many...more
Under Pennsylvania law, a real estate lease is subject to a transfer tax if the lease is for a term of thirty or more years. It is reasoned that long-term leases are analogous to transferring title to real estate and...more
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER ARGENTINIAN LAW - I. INTRODUCTION. Below you will find a brief outline of the legal regulation of the acquisition of real estate property in Argentina, which is mainly governed...more
Last week, the Israeli Ministry of Finance approved the outline for a hike to the purchase tax imposed on real estate investors, once again, to tax brackets of 8% and 10%. The ministry’s goal is to “dissuade” investors from...more
Purchasing a home is an exciting time, but it is easy to be overwhelmed by the process. If you are married, before you sign on the dotted line, there is one thing you should consider; how you and your spouse want to hold your...more
On April 7, 2021, the New York State Legislature passed the New York Budget Bill for fiscal year 2022 which was signed by Governor Andrew Cuomo on April 19, 2021 (the “Budget Bill”). S.B. S2509C, 2021 Leg., 2021 Reg. Sess....more