Introduced on August 25. The Bill proposes a new “bright-line” test, which will require income tax to be paid on any gains from residential property purchased and sold within two years, with some exceptions. The exceptions include the sale of an owner’s main home, inherited property, or the transfer of property in a relationship settlement. Received its first reading on Sept 8 supported by all parties except NZ First despite reservations from Opposition parties about the effectiveness of the bill. Sent to the Finance and Expenditure Committee for consideration with a report back date of Oct 22 and submissions closing on Sept 17. The bill is set to take retrospective effect from Oct 1. Reported back from select committee on October 22 with minor changes. Labour, Greens and NZ First all opposed  to the report saying the bill was a token political effort which would cause more problems than it fixed. Completed its second reading on Nov 3 heavily criticised by Opposition parties but progressed by 109 to 12 with just NZ First opposed. Committee stage completed on Nov 10 with an Opposition amendment to extend the bright line test from two years to five years defeated. Third reading completed on Nov 12 with just NZ First opposed. Taxation (Bright-line Test for Residential Land) Bill