House OKs bill to close loophole on corporate tax

February 25, 2005

ANNAPOLIS -- The House of Delegates passed a bill yesterday that closes a corporate tax loophole and dedicates most of the money to school construction.

A leadership priority, the bill would require corporations to pay transfer taxes and recording fees when they sell real estate. The bulk of the money raised, about $45 million a year, would go back to the counties for school construction. An amendment approved this week dedicates the state portion of the money, about $12 million annually, for land preservation.

The bill passed the House last year but did not make it to the Senate floor for a vote.

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