Eliminates one percent tax on purchasers of Class 4A commercial property transferred for consideration in excess of $1 million.

This bill repeals a 1% tax on purchasers of controlling ownership stakes in Class 4A commercial properties when the transfer value exceeds $1 million. It directly affects buyers of large-scale commercial real estate (such as office buildings or retail spaces, excluding residential, farm, industrial, or vacant land) in transactions over $1 million. The key change removes the "controlling interest transfer tax" (CITT) for these specific high-value transactions, reducing the cost for such purchases. The repeal takes effect after a two-month delay following enactment, applying to transfers occurring on or after that date.