Legislative History
| House Bill/Resolution NO. House Bill No. 3273, 12th Congress of the Republic | |
| FULL TITLE : AN ACT EXEMPTING ANY PERSON WHO SELLS ANY REAL PROPERTY TO THE GOVERNMENT OR ANY OF ITS POLITICAL SUBDIVISIONS OR INSTRUMENTALITI ES FROM THE PAYMENT OF CAPITAL GAINS TAX AND FOR OTHER PURPOSES | |
| ABSTRACT : Rationale: Certainly, one of the principal reasons why owners of lands and buildings are not enticed to sell their real properties to the government lies in the fact that under our present laws, these transactions are subject to the payment of capital gains tax on gains realized from said transactions. > Therefore, in order to encourage private owners to sell their real properties to the government; and for the government to utilize them as offices in the case of buildings, or for the construction of schools, hospitals, and other infrastructure projects in the case of lands, this representation proposes to exempt any person, natural or judicial, who sells any real property to the government or any of its political subdivision or instrumenntaliti es, from the payment of capital gains tax. | |
| PRINCIPAL AUTHOR/S : VIOLAGO, ELEUTERIO R. | |
| DATE FILED : 2001-09-27 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS : | |
| 1. Espino | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Vicencio (029 ) | 2. Echiverri (031 ) |
| 3. Monfort (031 ) | 4. Espina (036 ) |
| 5. Syjuco (041 ) | |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2001-10-02 |
Abstract
Rationale: Certainly, one of the principal reasons why owners of lands and buildings are not enticed to sell their real properties to the government lies in the fact that under our present laws, these transactions are subject to the payment of capital gains tax on gains realized from said transactions. > Therefore, in order to encourage private owners to sell their real properties to the government; and for the government to utilize them as offices in the case of buildings, or for the construction of schools, hospitals, and other infrastructure projects in the case of lands, this representation proposes to exempt any person, natural or judicial, who sells any real property to the government or any of its political subdivision or instrumenntaliti es, from the payment of capital gains tax.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.