Senate Bill (SB) 8 becomes effective October 1, 2003.

Real Property Transfer Tax will be increasing from your current rate 

an additional $1.30 per $500 value.  (Churchill County is at the $.75 per $500 rate, so we will be going to $2.05 per $500.)  The additional $1.30 will be collected and distributed to the State General Fund.

NRS 375.090 is hereby amended to read as follows:

1. A mere change in identity, form or place of organization, such as a transfer between a corporation and its parent corporation, a subsidiary or an affiliated corporation if the affiliated corporation has identical common ownership.

 2. A transfer of title to the United States, any territory or state or any agency, department, instrumentality or political subdivision thereof.

 3. A transfer of title recognizing the true status of ownership of the real property. 

 4. A transfer of title without consideration from one joint tenant or tenant in common to one or more remaining joint tenants or tenants in common.

 5. A transfer of title between spouses, including gifts, or to effect a property settlement agreement or between former spouses in compliance with a decree of divorce.

 6. A transfer of title to or from a trust without consideration if a certificate of trust is presented at the time of transfer. 

7. Transfers, assignments or conveyances of unpatented mines or mining claims.

8. A transfer, assignment or other conveyance of real property to a corporation or other business organization if the person conveying the property owns 100 percent of the corporation or organization to  which the conveyance is made.

9. A transfer, assignment or other conveyance of real property if the owner of the property is related to the person to whom it is conveyed within the first degree of consanguinity.

10. The making, delivery or filing of conveyances of real property to make effective any plan of reorganization or adjustment:

 (a) Confirmed under the Bankruptcy Act, as amended, 11 U.S.C. §§

 101 et seq.;

 (b) Approved in an equity receivership proceeding involving a

 railroad, as defined in the Bankruptcy Act; or

 (c) Approved in an equity receivership proceeding involving a

 corporation, as defined in the Bankruptcy Act, if the making,

 delivery or filing of instruments of transfer or conveyance occurs     within 5 years after the date of the confirmation, approval or change.  

11. The making or delivery of conveyances of real property to make effective any order of the Securities and Exchange Commission if:

 (a) The order of the Securities and Exchange Commission in obedience to which the transfer or conveyance is made recites that the transfer or conveyance is necessary or appropriate to effectuate the provisions of section 11 of the Public Utility Holding Company Act of 1935, 15 U.S.C.§79k;

  (b) The order specifies and itemizes the property which is ordered

  to be transferred or conveyed; and

 (c) The transfer or conveyance is made in obedience to the order. 

12. A transfer to an educational foundation. As used in this

subsection, "educational foundation" has the meaning ascribed to it

in subsection 3 of NRS 388.750. 

13. A transfer to a university foundation. As used in this subsection, "university foundation" has the meaning ascribed to it in subsection 3 of NRS 396.405.