PHOTO: For sale sign outside of house – Source: 1 NEWS
Parliament has passed the law change that extends the bright-line property tax from two years to five years.
The extension means profits from residential investment properties bought and sold within five years are taxable.
The previous government set the limit at two years.
Revenue Minister Stuart Nash put the change into a routine tax bill that was already going through parliament, avoiding the otherwise lengthy process of select committee hearings.
The bill passed its third reading on Tuesday night by 63 votes to 57.
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