AB362

Existing law imposes several taxes, known as real property transfer taxes, on each deed by which lands, tenements or other realty are assigned, transferred or otherwise conveyed to, or vested in, another person, or land sale installment contract, if the consideration or value of the interest or property conveyed exceeds $100. The amount of the real property transfer taxes owed is required to be computed on the basis of the value of the transferred real property. (NRS 375.020, 375.023, 375.026) Existing law provides for the disposition and use of the proceeds of the real property transfer taxes for specific purposes, including: (1) deposit in the State General Fund; (2) deposit in the Account for Affordable Housing; (3) deposit in the Local Government Tax Distribution Account for credit to the accounts of each county; (4) deposit in the county school district's fund for capital projects, with respect to proceeds collected in a county whose population is 700,000 or more; and (5) transmittal to the State Treasurer for use by the Division of Plant Health and Compliance of the State Department of Agriculture. (NRS 375.023, 375.026, 375.070) Section 8 of this bill imposes taxes on the sale or transfer of a controlling interest in an entity which possesses, directly or indirectly, an interest in real property in this State when the value of the real property interest exceeds $100. Section 8 imposes the taxes at the same rate as the existing real property transfer taxes and requi