Red Bluff Municipal Code Art. IV Documentary Stamp Tax

Section

Statutory reference:

Authority of city to impose documentary stamp tax, see California Revenue and Taxation Code § 11911

Documentary stamp tax, see California Revenue and Taxation Code §§ 11901 et seq.

There is hereby imposed on each deed, instrument or writing by which any lands, tenements or other realty sold within the city shall be granted, assigned, transferred or otherwise conveyed to, or vested in, the purchaser, or any other person by his or her direction, when the consideration or value of the interest or property conveyed (exclusive of the value of any lien or encumbrances remaining thereon at the time of sale) exceeds $100, a tax at the rate of $.275 for each $500 or fractional part thereof.

(`61 Code, § 21.33) (Ord. 472, passed 12-12-1967)

Any tax imposed pursuant to § 21.33 shall be paid by any person who makes, signs or issues any document or instrument subject to the tax or for whose use or benefit the same is made, signed or issued.

(`61 Code, § 21.34) (Ord. 472, passed 12-12-1967)

Any deed, instrument or writing to which the United States or any agency or instrumentality thereof, any state or territory, or political subdivision thereof, is a party shall be exempt from any tax imposed pursuant to this article when the exempt agency is acquiring title.

(`61 Code, § 21.35) (Ord. 501, passed 1-28-1970)

Any tax imposed pursuant to this article shall not apply to any instrument in writing given to secure a debt.

(`61 Code, § 21.36) (Ord. 472, passed 12-12-1967)

(A) Any tax imposed pursuant to this article shall not apply to the making, delivering or filing of conveyances to make effective any plan of reorganization or adjustment:

(1) Confirmed under the Federal Bankruptcy Act, as amended;

(2) Approved in an equity receivership proceeding in a court involving a railroad corporation, as defined in 11 USC 205(m), as amended;

(3) Approved in an equity receivership proceeding in a court involving a corporation, as defined in 11 USC 506(3), as amended; or

(4) Whereby a mere change in identity, form or place of organization is effected.

(B) Divisions (A)(1) through (4) of this section shall only apply if the making, delivery or filing of instruments of transfer or conveyances occurs within five years from the date of the confirmation, approval or change.

(`61 Code, § 21.37) (Ord. 472, passed 12-12-1967)

Any tax imposed pursuant to this article shall not apply to the making or delivery of conveyances to make effective any order of the Securities and Exchange Commission only if:

(A) The order of the Securities and Exchange Commission in obedience to which the conveyance is made recites that the conveyance is necessary or appropriate to effectuate the provisions of 15 USC 79k, relating to the Public Utility Holding Company Act of 1935;

(B) The order specifies the property which is ordered to be conveyed; or

(C) The conveyance is made in obedience to the order.

(`61 Code, § 21.38) (Ord. 472, passed 12-12-1967)

(A) In the case of any realty held by a partnership, no levy shall be imposed pursuant to this article by reason of any transfer of an interest in a partnership or otherwise, if:

(1) The partnership is considered a continuing partnership within the meaning of § 708 of the Internal Revenue Code of 1954; and

(2) The continuing partnership continues to hold the realty concerned.

(B) If there is a termination of any partnership within the meaning of § 708 of the Internal Revenue Code of 1954, for purposes of this article, the partnership shall be treated as having executed an instrument whereby there was conveyed, for fair market value (exclusive of the value of any lien or encumbrance remaining thereon), all realty held by the partnership at the time of the termination.

(C) Not more than one tax shall be imposed pursuant to this article by reason of a termination described herein and any transfer pursuant thereto, with respect to the realty held by the partnership at the time of the termination.

(`61 Code, § 21.39) (Ord. 472, passed 12-12-1967)

The County Recorder shall administer this article in conformity with the provisions of California Revenue and Taxation Code Part 6.7, Division 2, §§ 11901 through 11934 and the provisions of any county regulations adopted pursuant thereto.

(`61 Code, § 21.40) (Ord. 472, passed 12-12-1967)

Claims for refund of taxes imposed pursuant to this article shall be governed by the provisions of California Revenue and Taxation Code §§ 5096 et seq.

(`61 Code, § 21.41) (Ord. 472, passed 12-12-1967)

This article shall become operative upon the operative date of any ordinance adopted by the county, pursuant to California Revenue and Taxation Code §§ 11901 et seq.

(`61 Code, § 21.42) (Ord. 472, passed 12-12-1967)