Action ALERT: Potential Repeal of Transfer Tax Option (update as of Wednesday, Jun 18, 9:30 PM)

Submitted by Media Team on Wed, 06/18/2008 - 7:45pm.

SENATE VOTES TO REPEAL LAND TRANSFER TAX TODAY THIRD READING TOMORROW (THURSDAY)

PLEASE CALL AND EMAIL OPPOSITION RIGHT NOW!!!

This afternoon, Sen. David Hoyle (D-Gaston) ran his bill, SB 1951-REPEAL TRANSFER TAX on the Senate Floor. It passed 2^nd reading by an overwhelming 38/9. The bill is on the Senate calendar for 3^rd reading tomorrow, Thursday, June 19^th. The Senate convenes at 10 a.m. so we don't have much time to call and email to oppose this bill.

We are grateful to the 9 Senators who voted NO: Sens. Albertson, Atwater, Basnight, Dannelly, Dorsett, Graham, Jones, Kinnaird and McKissick.

TALKING POINTS

I strongly oppose SB 1951-REPEAL TRANSFER TAX. I urge you to vote NO on 3^rd reading on the Senate Floor tomorrow. (Thursday, June 18^th.)

In 2007, the General Assembly promised the counties a menu of options to raise revenue to address the severe infrastructure needs, especially in low-wealth and high-growth counties.

This is a one-time tax on the buyer when property is sold, as opposed to the property tax that is paid every year.

The Realtors lobby spent millions of dollars to defeat what they called "the home tax." Why not call it "the shopping center tax" - it applies to all property sold.

County governments cannot advocate for a position and they certainly cannot compete with the misleading and well-financed media campaign of a statewide political action committee.

The six (6) counties that already have the ability to raise a local option real estate transfer tax have seen their property taxes go down (not up) and have seen their schools improve.