Section 91.158. Industrial development authorities and agencies

A transfer to an industrial development authority or a nonprofit industrial development agency is not taxable. A transfer from an industrial development authority or a nonprofit industrial development agency is taxable unless one of the following applies:

(1) The document was delivered after December 19, 1985, and before July 2, 1986, and recorded prior to August 1, 1986.

(2) The realty conveyed to the grantee was transferred of record to the authority or agency by the grantee as security for the debt of the grantee under a financing transaction.

(3) The transaction meets the following requirements:

(i) The authority or agency held record legal title to the realty granted.

(ii) At the time the authority or agency and grantee entered into the contract for a deed, sales agreement or lease and option agreement, no person other than the authority or agency had an equity interest in or option to purchase the realty granted to the grantee.

(iii) The grantee shall directly use the realty for the primary purpose of manufacturing, fabricating, compounding, processing, publishing, research and development, transportation, energy conversion, energy production, pollution control, warehousing or agriculture.

The provisions of this § 91.158 adopted September 9, 1988, effective September 10, 1988, 18 Pa.B. 4096.

Notation

Authority

The provisions of this § 91.158 issued under section 1107-C of the Tax Reform Code of 1971 (72 P. S. § 8107-C).

Cross References

This section cited in 61 Pa. Code § 91.193 (relating to excluded transactions).