What Happened to the
November 29, 2007

Q: Among all of the tax increases passed by the General Assembly in the recently-concluded Special Session, what happened to the ?controlling interest? legislation?

A: The legislature voted to tax transfers of real property by a transfer of the ?controlling interest? in the entity that owns the real property. Such transfers will now be subject to transfer and recordation taxes. Industry observers have long anticipated this legislation, and the current political climate and Democratic domination of power in Annapolis made it virtually inevitable.

If you have questions, please contact:
John Wise, Esquire

(410) 752-2468