0:08 → 3:25(3m 17s)
Amelia provided an overview that SB 332 would exclude buyer's premiums from sale price for real estate sales validation and tax valuation (Amelia). Senator Francisco raised concern that excluding buyer-paid intermediary charges could understate sale price because property value should reflect what a buyer paid (Senator Francisco). Committee reviewed a proposed amendment to broaden the language from auction premiums to 'third party intermediary premiums, charges, commissions, or fees' that must be separately stated and not received by the seller (Amelia). Senator Schallenberger clarified that '
Senate Assessment and Taxation Committee met to consider four tax-related bills: SB 332 (exclude buyer-paid intermediary charges from sale price for tax valuation), SB 320 (expand machinery/equipment exemption to property acquired on or before 06/30/2006), SB 319 (rebate when sale price <97% of county appraised value), and SB 498 (income tax credit for higher-ethanol fuel sales). The committee amended and advanced SB 332, debated and postponed further action on SB 320 for revision after turnaround, passed SB 319 favorably, and passed SB 498 favorably after discussion about sunset/carryforward language.
