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

This bill eliminates a 1% tax on purchasers buying controlling ownership of Class 4A commercial properties (income-producing properties like offices or retail space, excluding residential, farms, or industrial buildings) when the sale price exceeds $1 million. It repeals a 2006 tax provision that previously required this payment. The change applies only to transactions occurring after the bill's effective date, which is two months after enactment. This directly affects commercial real estate buyers and sellers involved in high-value transactions meeting the specified criteria.