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 interests in Class 4A commercial properties (income-producing real estate like offices or retail space, excluding residential, farm, or industrial properties) when the transfer value exceeds $1 million. It directly affects commercial real estate buyers and sellers involved in large transactions of qualifying properties. The bill repeals the specific tax provision (previously called the "controlling interest transfer tax") but does not affect existing tax liabilities or audits for transactions that occurred before the repeal. This change simplifies the tax code for high-value commercial property transfers without altering other property tax rules.