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      Free Daily Israel Report
      Archive: 8/1/2011
      21:28
      Reported

      News Brief

        8/1/2011, Av 1, 5771

      Capital Gains Tax Exemption on Property Period Extended


      The Knesset on Monday night passed on its second and third reading a law that increases the period in which a homeowner can receive an exemption for capital gains taxes due on second and third housing units that they own. The law extends and codifies the order doing away with the automatic exemption from capital gains taxes on investment property declared four months ago. As a result, homeowners will have to wait at least 8 years between sales of investment property to receive an exemption on capital gains.

      Finance Minister Yuval Steinitz praised the law, saying that it would do a great deal to lower housing prices.