In the news ... Wednesday, October 20, 2010

Mid-Atlantic Area

 

Delaware

32 The Green

Dover, DE  19901

(302) 734-3570

(800) 722-0784

(302) 734-3254 - fax

 

The 800 King Street Building

800 King Street, Suite 304

Wilmington, DE  19801

(302) 661-1997

(302) 661-1996 - fax

 

Pennsylvania

Three Glenhardie Corporate Center

1265 Drummers Lane, Suite 220

Wayne, PA  19087

(610) 687-8020

(800) 842-2080

(610) 687-6056 - fax

 

Calder Square

P.O. Box 10326

State College, PA  16805-0326

(814) 238-3600

(814) 238-3604 - fax

 

125 Technology Drive, Suite 101

Canonsburg, PA  15314

(866) 364-2777

(724) 746-5434 - fax

 

Maryland

Columbia Corporate Park

8850 Stanford Blvd., Suite 2900

Columbia, MD  21045

(410) 953-6763

(800) 664-8306

(410) 953-6761 - fax

 

Virginia

9303 Center Street, Suite 101

Manassas, VA  20110-5547

(703) 365-2300

(800) 232-6817

(703) 365-2400 - fax

 

1245 Mall Drive

Richmond, VA  23235

(804) 897-5499

(888) 859-9222

(804) 288-4090


HOUSE BILL NO. 349


  

On June 11, 2010, Delaware passed legislation requiring the withholding of income tax on the sale or exchange of real estate by non-resident individuals or corporations. This tax will take effect on January 1, 2011.

Resident individuals and corporations are currently required to estimate, report, and pay the tax due on income, including gains recognized from the sale of real estate, in the quarter during which the sale occurs.

This Bill will require nonresident persons, corporations or pass-through entities that sell real estate owned in this State to declare and pay their estimate of the tax due on the gain recognized from the sale before the deed will be recorded.

The Bill does not apply to estates or to entities classified as a trust for federal income tax purposes, but does apply to the members, beneficiaries or grantors of entities disregarded for federal income tax purposes. This Bill will facilitate the reporting and collection of the tax, and the administration of the tax code. (Click here to view notice.)

 

 

No additional information has been made available aside from the legislation at this time.

 

 

 

Please contact Kate Blake-Endicott at 302.734.3570 should you have any questions in this regard.

 

 

To unsubscribe to this newsletter, please click here

 

 

 

 

  

 

 
 
Old Republic Title Update is published by the Mid-Atlantic Area Office of Old Republic National Title Insurance Company in an effort to provide information relative to our industry on a timely basis. None of the materials included in this publication should be deemed legal or underwriting advice or should be acted upon without prior consultation with your underwriter or counsel.