(1) A real estate company is an acquired real estate company upon a change in the ownership interest in the company, however effected, if the change:
(a) does not affect the continuity of the company; and
(b) of itself or together with prior changes has the effect of transferring, directly or indirectly, seventy- five percent (75%) or more of the total ownership interest in the company within a period of six (6) years. A transfer shall be considered to have occurred within a period of six years of another transfer or transfers, if a legally binding commitment to execute that transfer was made within that period. 280
The tax is measured by the value of the cumulative percentage of change.
(2) With respect to real estate acquired after February 16, 1986, a family farm corporation is an acquired real estate company when, because of voluntary or involuntary dissolution, it ceases to be a family farm corporation or when, because of issuance or transfer of stock or because of acquisition or transfer of assets that are devoted to the business of agriculture, it fails to meet the minimum requirements of a family farm corporation under this Chapter.
(3) Within thirty (30) days after becoming an acquired real estate company or family farm corporation, the company shall present a Certificate of Transfer with the Department of Records for the affixation of documentary stamps and recording. Such Certificate shall set forth the value of real estate holdings of the acquired real estate company in Philadelphia and the tax is measured from such value.
Notes
| 279 | Amended, Bill No. 980303 (approved December 9, 1999). Section 2 of Bill No. 980303 states: "This Ordinance shall be effective for all transactions taking place on or after July 1, 2000." |
| 280 | Amended, Bill No. 160810 (approved December 20, 2016), effective July 1, 2017. |