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Controlling Interest Transfer Tax Controlling Interest Transfer Tax 2025

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The document outlines the Controlling Interest Transfer Tax in New Jersey, which imposes a 1% tax on certain transfers of controlling interests in entities that own commercial real property. It details the information required from both transferors and transferees, the calculation methods for the tax based on property value, filing instructions, exemptions, and definitions related to classified real property and controlling interest. The document serves as a guide for completing the CITT-1 return form.

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What is the controlling interest transfer tax in NJ?

The CITT is a one percent fee on the transfer of a controlling interest in an entity that directly or indirectly owns certain real property. The CITT is only imposed if the real property is classified as 4A Commercial and if the consideration or other valuation of the real property is greater than $1,000,000.

What is the controlling interest transfer tax in CT?

The controlling interest transfer tax is imposed on the person selling or transferring the controlling interest at the rate of 1.11% of the present true and actual value of the interest in real property possessed, directly or indirectly, by the entity.

What is the controlling interest transfer tax in Maryland?

Marylands controlling interest transfer tax applies to transfers of a controlling interest in a real property entity (the MD CITT). A controlling interest is generally more than 80% of the interests in a real property entity.

What is a controlling interest transfer?

Generally, most states provide that a certain percentage of the voting stock or voting power of a corporation, capital or profits interest in a partnership or unincorporated entity, or the beneficial interest in a trust constitutes a transfer of a controlling interest.

Who pays the local transfer tax?

Either the seller or buyer may pay the real property transfer tax during the transfer or sale. If it is not paid, the seller and buyer are jointly and severally liable to the City for the payment of the tax.

What is the transfer tax rate in Maryland?

Transfer Taxes Transfer tax is at the rate of . 5 percent of the actual consideration, unless they are a first-time Maryland home buyer purchasing a principal place of residence, in that case the transfer tax rate is . 25 percent of the actual consideration.

What is the transfer tax split in Maryland?

In Maryland, you are responsible for the state and county transfer taxes, as well as the county recordation tax. It is customary for the seller and the buyer to split the total transfer and recordation tax amount equally (if no exemptions apply). The Maryland state transfer tax rate is 0.5%.

What is a controlling interest transfer tax?

These states impose a controlling interest transfer tax on a direct or indirect transfer or acquisition of a controlling interest in an entity with title to real estate in the state. The tax rate is applied to the value of the property transferred apportioned by the percentage of the ownership interest transferred.