RESOLUTION OPPOSING AN ADDITIONAL PENNSYLVANIA TRANSFER TAX AS CONTAINED IN HOUSE BILL 2750
WHEREAS, House Bill No. 2750 provides that effective July 1, 2005, an additional two percent (2%) transfer tax from the Commonwealth be imposed on all real estate transactions, making a total of three percent (3%) from the Commonwealth;
WHEREAS, each Municipality imposes its own real state transfer tax, which is in addition to that of the Commonwealth;
WHEREAS, the Philadelphia Bar Association believes that the imposition of the additional two percent (2%) transfer tax will have an adverse and injurious effect on the residents and businesses of the Commonwealth of Pennsylvania, as well as those contemplating moving into the Commonwealth, as the transfer costs in the Commonwealth are already among the highest in the country and such an increase will have a chilling effect upon transfer and an adverse effect on the sales price.
NOW, THEREFORE, be it RESOLVED, the Philadelphia Bar Association opposes the section of House Bill 2750 imposing the additional two percent (2%) transfer tax and requests that the language imposing this additional transfer tax be removed from the Bill.
AND BE IT FURTHER RESOLVED that the Chancellor or his designee, is authorized to take all necessary steps, including contacting the Governor and the appropriate members of the Pennsylvania House of Representatives and Senate, regarding this Association's opposition for this or similar legislation.
PHILADELPHIA BAR ASSOCIATION
BOARD OF GOVERNORS
ADOPTED: NOVEMBER 23, 2004