HB487 Alabama 2019 Session

Summary

Primary Sponsor

Neil Rafferty Representative

Democrat

Session

Regular Session 2019

Title

Taxation, to increase the fee for recording certain mortgages, deeds of trust, contracts of conditional sale, or other instruments of like character and to modify rate and distribution of funds, Sec. 40-22-2 am'd.

Description

Under existing law, a fee is required to record certain mortgages, deeds of trust, contracts of conditional sale, or other instruments of like character which is given to secure the payment of any debt which conveys any real or personal property.

This bill would increase the fee for recording of certain mortgages, deeds of trust, contracts of conditional sale, or other instruments of like character which is given to secure the payment of any debt which conveys any real or personal property.

This bill would also modify the rate and distribution of the Mortgage Record Tax in order to provide a dedicated revenue for the Alabama Housing Trust Fund.

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Subjects

Taxation