House Bill 135 protects Louisiana homes from Real Estate Transfer Taxes which negatively impacts property markets and the economy. Louisiana is one of only 13 remaining states without this onerous tax. Why are such Real Estate Transfer Taxes an unwanted burden? DOUBLE TAXATION THEY MAKE HOUSING LESS AFFORDABLE THEY"RE UNFAIR THEY"RE VOLATILE AND UNPREDICTABLE On Monday afternoon June 13th, the Louisiana State Senate gave final approval to House Bill 135, to prohibit any new real estate transfer taxes in the state. Our constitutional amendments require a two-thirds majority, 26 votes; the actual number of passage votes was 34-0. With this action, the constitutional amendment heads to the November 19th statewide ballot. Louisiana residents and homeowners should express gratitude to the lead author, State Representative Rick Nowlin of Natchitoches, State Senator Eric LaFleur of Ville Platte who handled the bill on the Senate Floor, and the additional 74 House co-authors and 29 Senate co-authors who helped pass this piece of legislation. Now it's up to Louisiana voters to approve in the upcoming November elections. This legislation should have an extremely positive development for both the residential and commercial real estate markets, as well as, the Louisiana economy.
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