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Delegate Carden seeks transfer/recordation tax exemption for common-law trusts in House Bill 82
Summary
Sponsor Delegate John Carden told the Ways and Means Committee HB82 would extend existing transfer and recordation tax exemptions to common-law trusts transferring real property to wholly owned LLC subsidiaries; technical witnesses were absent and Carden promised to provide follow-up details.
Delegate John Carden, sponsor of House Bill 82, told the Ways and Means Committee on Feb. 3 that the bill would exempt transfers and recordation of Maryland real estate when trustees of common-law trusts move property into wholly owned limited liability company subsidiaries. "This is a recordation and transfer tax exemption for common law trusts," Carden said during the sponsor-only hearing.
The bill aims to align treatment of common-law trusts with existing exemptions that apply when…
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