Pennsylvania Governor Signs Law Exempting Land Bank Property Transfers From Realty Transfer Tax

The Pennsylvania Governor Nov. 3 signed a law relating to excise tax exemptions from realty transfer tax. The law includes measures: 1) exempting transfers of real property to or from a land bank from state and local realty transfer tax; 2) authorizing land banks to enter into partnerships, joint ventures, and other collaborative relationships with developers for the conversion of vacant, abandoned, tax-delinquent, or otherwise blighted property into housing facilities for homeless individuals; and 3) allowing for a quorum to be created when land bank board meetings are conducted through an internet platform. The law takes effect Jan. 2, 2023. ...