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South Florida

Proposed bill would close property tax loophole

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Florida’s Senate Judiciary Committee has voted unanimously to approve a bill that would close a loophole that has help real estate investors save millions of dollars in property taxes since a state Supreme Court ruling in 2005. Since the ruling, companies have forgone paying a .7 percent documentary sales tax on trophy properties by treating building trades as transfers of corporations, and not real estate sales. The next stop for the proposed bill is the Senate Finance and Tax Committee.