[1]
For state law as to documentary stamp tax, see Rev. &
Tax. C., § 11901 et seq. As to authority of City to impose
documentary stamp tax, see Rev. & Tax. C., § 11911.
[Ord. No. 487, § 2.]
There is hereby imposed on each deed, instrument or writing
by which any lands, tenements or other realty sold within the City
shall be granted, assigned, transferred or otherwise conveyed to,
or vested in, the purchaser, or any other person, by his direction,
when the consideration or value of the interest or property conveyed,
exclusive of the value of any lien or encumbrances remaining thereon
at the time of sale, exceeds one hundred dollars, a tax at the rate
of twenty-seven and one-half cents for each five hundred dollars or
fractional part thereof.
[Ord. No. 487, § 3.]
Any tax imposed pursuant to § 11-26 shall be paid by any person who makes, signs or issues any document or instrument subject to the tax, or for whose use or benefit the same is made, signed or issued.
[Ord. No. 487, § 4.]
Any tax imposed pursuant to this article shall not apply to
any instrument in writing given to secure a debt.
[Ord. No. 487, § 5.]
The United States or any agency or instrumentality thereof,
any state or territory, or political subdivision thereof, or the District
of Columbia shall not be liable for any tax imposed pursuant to this
article with respect to any deed, instrument or writing to which it
is a party, but the tax may be collected by assessment from any other
party liable therefor.
[Ord. No. 487, § 6.]
Any tax imposed pursuant to this article shall not apply to
the making, delivering or filing of conveyances to make effective
any plan of reorganization or adjustment:
(a)
Confirmed under the Federal Bankruptcy Act, as amended.
(b)
Approved in an equity receivership proceeding in a court involving
a railroad corporation, as defined in subdivision (m) of Section 205
of title 11 of the United States Code, as amended.
(c)
Approved in an equity receivership proceeding in a court involving
a corporation, as defined in subdivision (3) of Section 506 of title
11 of the United States Code, as amended.
(d)
Whereby a mere change in identity, form or place of organization
is effected.
Subdivisions (a) to (d), inclusive, of this section shall only
apply if the making, delivery or filing of instruments of transfer
or conveyances occurs within five years from the date of such confirmation,
approval or change.
[Ord. No. 487, § 7.]
Any tax imposed pursuant to this article shall not apply to
the making or delivery of conveyances to make effective any order
of the Securities and Exchange Commission, as defined in subdivision
(a) of Section 1083 of the Internal Revenue Code of 1954; but only
if:
(a)
The order of the Securities and Exchange Commission in obedience
to which such conveyance is made recites that such conveyance is necessary
or appropriate to effectuate the provisions of Section 79k of title
15 of the United States Code, relating to the Public Utility Holding
Company Act of 1935.
(b)
Such order specifies the property which is ordered to be conveyed.
(c)
Such conveyance is made in obedience to such order.
[Ord. No. 487, § 8.]
(a)
In the case of any realty held by a partnership, no levy shall be
imposed pursuant to this article by reason of any transfer of an interest
in a partnership or otherwise, if:
(b)
If there is a termination of any partnership within the meaning of
Section 708 of the Internal Revenue Code of 1954, for purposes of
this article, such partnership shall be treated as having executed
an instrument whereby there was conveyed, for fair market value, exclusive
of the value of any lien or encumbrance remaining thereon, all realty
held by such partnership at the time of such termination.
[Ord. No. 487, § 9.]
The county recorder shall administer this article in conformity
with the provisions of part 6. 7 of division 2 of the Revenue and
Taxation Code of the state and the provisions of any county ordinance
adopted pursuant thereto.
[Ord. No. 487, § 10.]
Claims for refund of taxes imposed pursuant to this article
shall be governed by the provisions of chapter 5, commencing with
Section 5096, of part 9 of division 1 of the Revenue and Taxation
Code of this state.
[Ord. No. 487, § 11.]
This article shall become operative upon the operative date
of any ordinance adopted by the county pursuant to part 6.7, commencing
with Section 11901, of division 2 of the Revenue and Taxation Code
of the state, or December 4, 1967, whichever is the later.
