§ 10003. Rate of tax

The tax imposed by section 10001 of this title shall be based upon the years held at the following rates on the gain, as gain is determined under section 10005 of this title:

Years land held by                                                                             *Gain, as a percentage

transferor                                                                                              of basis (tax cost)

0-99%               100-199%                200% or more

Less than 4 months                                  60%                        70%                               80%

4 months, but less than 8                         35%                      52.5%                              70%

8 months but less than 1 year                  30%                         45%                               60%

1 year, but less than 2                              25%                      37.5%                               50%

2 years, but less than 3                            20%                         30%                               40%

3 years, but less than 4                            15%                       22.5%                              30%

4 years, but less than 5                            10%                          15%                              20%

5 years, but less than 6                              5%                         7.5%                              10%

* Gain, as percent of basis, shall be rounded to the next highest whole percentage. A single flat rate of tax shall apply to all of the gain, and shall be determined by the percentage which the entire gain is of the basis (tax cost). (Added 1973, No. 81, § 8, eff. May 1, 1973; amended 1987, No. 64, § 8, eff. June 1, 1987.)