Los Angeles’ polarizing Measure ULA transfer tax could see a reduction by nearly 75 percent if a new state bill gets approval from both chambers and the governor’s signature. On Monday, the California State Senate shared its version of Assembly Bill 736, a new piece of legislation that would impose a 1.5 percent transfer tax rate statewide. By contrast, Measure ULA calls for 5.5 percent for sales above $10.6 million and 4 percent for transactions exceeding $5.3 million. Under the legislation, introduced by Assembly member Buffy Wicks, local jurisdictions such as cities and counties would be prohibited from collecting a […]
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