CHAPTER 297

FORMERLY HOUSE BILL NO. 503

AS AMENDED BY

SENATE AMENDMENT NO. 1 and HOUSE AMENDMENT NO. 2

AN ACT TO AMEND CHAPTER 54, TITLE 30, DELAWARE CODE BY INCREASING THE RATE OF THE REALTY TRANSFER TAX AND BY APPORTIONING SAID TAX BETWEEN GRANTOR AND GRANTEE.

Be it enacted by the General Assembly of the State of Delaware:

Section 1. Section 5402 (a), Chapter 54, Title 30, Delaware Code, is amended by striking the phrase, "1 percent" as it appears therein and substituting in lieu thereof the phrase, "2 percent."

Section 2. Section 5402, subsection (a), Chapter 54, Title 30, Delaware read as follows:

further amended by adding a second sentence

"Said tax is to be apportioned equally between grantor and grantee."

Section 3. Section 5402, Chapter 54, Title 30, Delaware Code, is amended by creating a new subsection (c) to read as follows:

"(c) The provisions of subsection (a) of this section notwithstanding, where a valid written contract is entered into prior to August 1, 1971, the tax for such a transfer shall be at the rate imposed prior to August 1, 1971."

Section 4. This Act shall take effect August 1, 1971.

Approved July 31, 1971