Virginia passes Exchange Facilitator Act

The Virginia state legislature has approved a new law governing the activities of qualified intermediaries and the state's governor, Bob McDonnell, has signed the act into law. The Virginia Exchange Facilitator Act (Virginia House Bill 417) is patterned largely after the Federation of Exchange Same as intermediary, facilitator, or Qualified Intermediary. The party who facilitates a tax-deferred exchange by acquiring and selling property in an exchange to aid the taxpayer in complying with Section 1031 and all applicable rules. Accommodator s Model Act and will become effective on July 1.

You can review the text of the Virginia Exchange Facilitator Act here. You can also find important information on other state and federal regulations that may affect your business by visiting our Resource Library page.