Correa's Private Transfer Tax Bill Dies

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A bill by Sen. Lou Correa, D-Santa Ana, to outlaw private transfer fees ran into a brick wall today in the Senate Transportation and Housing Committee.

Correa’s Senate Bill 670 sought to regulate new private real estate transfer fees. These fees, which are a percentage of the sale price, must be paid to a designated cause every time the property is sold. Correa initially wanted to outlaw them entirely, but then, under pressure from builders and environmental groups, amended the bill to limit the use, amount and duration of such fees.

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