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House Bill 1242

House Bill 1242

ARCHIVE (2012)

Latest Information


Deductions for contract and co-op property. Specifies that a person who uses cooperative housing corporation property as the person's principal residence must demonstrate a substantial equity interest in the shares of the cooperative housing corporation to qualify the property as a homestead. Consolidates duplicated provisions setting conditions for granting of deductions for property being sold under an installment contract into a single section. Provides that property subject to an installment contract does not qualify for a property tax deduction unless the installment contract is an enforceable contract. Requires that contracts for the sale of real property that are entered into after March 31, 2012, must specify the total contract price for the sale of the property.
Current Status:
In Committee - first House
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