20-HB0229/SB0249 – BRICKEN/JACKSON

Present law authorizes county registers to retain as commission 5 percent of the recordation taxes collected. However, 52 percent of the 5 percent commission must be remitted to the state treasurer and credited to the general fund.
Beginning January 1, 2020, this bill phases out the allocation to the general fund of a portion of the registers' commissions, as follows:
(1) Beginning January 1, 2020, and prior to January 1, 2021, 60 percent of the 5 percent commission will be retained by the county registers and 40 percent must be remitted to the state treasurer and credited to the general fund;
(2) Beginning January 1, 2021, and prior to January 1, 2022, 80 percent of the 5 percent commission will be retained by the county registers and 20 percent must be remitted to the state treasurer and credited to the general fund; and
(3) Beginning January 1, 2022, and for each subsequent year, 100 percent of the 5 percent commission will be retained by the county registers.