PLEASE NOTE: Legislative Information cannot perform research, provide legal advice, or interpret Maine law. For legal assistance, please contact a qualified attorney.
An Act To Clarify the Application of the Real Estate Transfer Tax in Regards to Section 1031 Exchanges
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 36 MRSA §4641-A, sub-§3  is enacted to read:
 
3.  Qualified intermediary; real estate transfer tax.     With regards to transfers of real property involving a qualified intermediary pursuant to Section 1031 of the Code, the rate of tax specified in this section applies to the transfer of real property to a qualified intermediary and does not apply to the transfer of real property from a qualified intermediary.
 
SUMMARY
This bill clarifies that the real estate transfer tax applies to the transfer of real property to a qualified intermediary pursuant to Section 1031 of the Internal Revenue Code and does not apply to the transfer of real property from a qualified intermediary.