The Louisiana House of Representatives voted to pass House Bill 135 to protect Louisiana homes from Transfer Taxes.The vote occurred May 24th and received overwhelming support, 100-0. The Louisiana REALTORS® Association is supporting this constitutional amendment in the 2011 regular legislative session to prohibit any new real estate transfer taxes in the state.
HB 135 will next be heard in the Senate Revenue and Fiscal Affairs Committee the first week of June. The Senate Floor vote could occur late in the week of June 6th or early the following week. Louisiana is one of only thirteen (13) remaining states without this onerous tax. In fact, our eastern and western neighbors of Mississippi and Texas likewise do not have real estate transfer taxes.
If HB 135 is passed by lawmakers and then approved by voters in November, the results could have a positive impact on the overall real estate market and Louisiana's economy. The bill's passage could create a positive development for both residential and commercial real estate consumers.
It's possible to monitor this important initiative throughout 2011 and obtain additional information by visiting the campaign website, www.staytaxfree.com.