Tax Commercial Real Estate

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IRS Releases Temporary and Proposed Regulations Under IRC Section 50(d)(5)

On July 21, 2016, the IRS released temporary regulations section 1.50-1T under IRC Section 50(d)(5) of the Internal Revenue Code (the "Temporary Regulations") (TD 9776) that provide guidance regarding: (1) the income...more

The Economic Development Toolbox: Downtown Redevelopment Districts Provide Additional Economic Development Tools for Ohio...

On May 6, 2016, Governor Kasich signed Am. Sub. House Bill 233 (“H.B. 233”) authorizing Ohio municipalities to create Downtown Redevelopment Districts (“DRDs”) to encourage the rehabilitation of historic buildings and...more

The Tide Rises Waterfront Development in Pennsylvania

Pennsylvania organizations hoping to increase development of public amenities and parks along Pennsylvania’s waterfronts may soon benefit from the new “Waterfront Development Tax Credit” enacted as part of Act 84, and signed...more

Real Estate News in Metro DC

Ballard Spahr’s mixed-use, condominium, and multifamily lawyers are pleased to provide this newsletter to keep you apprised of important developments and trends in real estate law in Maryland, Virginia, and Washington, D.C....more

South Carolina Property Tax Incentives: The Special Source Revenue Credit

While South Carolina has low income taxes, and comparatively low sales taxes as well, the state makes up for this by having some of the highest business property tax rates in the Southeast. These property taxes are generally...more

New Hampshire Enacts Business-Friendly Tax Changes

Three business-friendly tax bills have become law in New Hampshire. Each bill will result in tax reductions for those able to take advantage of them. The New Hampshire Business Profits Tax generally “piggybacks” on the...more

What You Need to Know About Hospitality REITs

In February 2016, Hilton Worldwide announced its plans to spin off the bulk of its hotel real estate into a publicly traded real estate investment trust (REIT) to be owned by its shareholders by the end of the year. The...more

Treasury Expands Scope of REIT Spin-Off Rules in New Regulations

On June 7, the Treasury Department released temporary regulations (the “Temporary Regulations”) that expand the types of spinoff transactions subject to the rules under Section 337(d)2 requiring gain recognition where either...more

My “Flippín” House?

Tax Strategies to Reduce Taxation and Build Wealth for House Flippers - Overview - I seem to be perpetually out to lunch. When I step on the scale too, this point is further confirmed. I do not know why I have...more

IRS Issues Temporary and Proposed Regulations Focused on REIT/RIC Conversion Transactions

The regulations affect both real estate investment trusts (REITs) and regulated investment companies (RICs) that receive appreciated property from a C corporation in a so-called “conversion transaction.”...more

Perspectives - June 2016

In April 2016, the Department of Labor (DOL) released the final version of the fiduciary rule. The final rule was six years in the making and impacts retirement plans, including 401(k) plans, and the employer who offer...more

Waivers of Ownership Limitation Provisions in REIT Charters

I. Why Do REITs Have Ownership Limits in the First Place? - Ownership limitation provisions are designed primarily to protect one of a REIT’s most valuable assets – its status as a REIT under the federal income tax...more

Treasury Department Issues New REIT Spinoff Rules

The Treasury Department today released new temporary and proposed regulations that will impact spinoffs and REIT conversions and modify the definition of “converted property” with respect to REIT transactions....more

South Carolina Textiles Communities Revitalization Act Enhanced

On May 23, 2016 the South Carolina Textiles Communities Revitalization Act was amended to remove a fifty percent cap applicable to the income tax credit provided by the Act. L. 2016, H5009. This taxpayer-friendly amendment...more

What Happens to Jointly Owned Property When One of the Owners Owes the IRS

Leonard and Joyce owned 50% of a commercial property. Their son, Derek, owned the other 50%. The IRS liened the property due to amounts owed by Leonard and Joyce to the IRS for unpaid taxes. The IRS sought to foreclose its...more

NC Legislative Update - May 2016 #4

This Week - Lawmakers have left Raleigh to enjoy a long weekend, planning to return Tuesday following Memorial Day. The House held a no vote session on Thursday, but the Senate continued to work, unveiling proposals for...more

Legislature Imposes New TIF Restrictions While Offering Reprieve for TIF Reporting Violations

The Missouri legislature passed new legislation amending the Tax Increment Financing (TIF) laws that, subject to Gov. Jay Nixon's decision to sign into law, is expected to go into effect on or about August 28, 2016....more

Third Circuit Holds SCRA Protections Do Not Extend to Servicemember-Owned Businesses

In a unanimous opinion in Davis v. City of Philadelphia, the U.S. Court of Appeals for the Third Circuit has held that Servicemembers Civil Relief Act (SCRA) protections do not extend to a servicemember's solely owned...more

Alabama Property Tax Protest Season is Underway

The 2016 property tax protest season has arrived. In Alabama, property tax valuations are handled on a county-by-county basis. Some counties mail valuation notices to all taxpayers. Others rely on publication notice and only...more

Nassau County's New "Disputed Assessment Fund" is Likely to Raise Tax Rates

Commercial property owners in Nassau County take note: tax rates for your properties are likely to increase. For years, when property owners successfully challenged their real property assessments in Nassau County, the...more

Jefferson County Taxpayers Have Until June 9, 2016 to Protest Real Property Values

The Jefferson County Tax Assessor’s office mailed real property valuation notices on May 11, 2016. ...more

Pennsylvania Property Tax Reassessment Update

Several counties in Pennsylvania are conducting countywide property reassessments. This update provides status changes for Washington, Blair and Lancaster Counties, along with a set of important deadlines and basic assessment...more

U.S. Tax Structures Utilized In Connection With Foreign Investment In U.S. Real Estate

U.S. real estate is expected to attract a record amount of foreign investment in 2016. The U.S. real estate market is perceived as a safe haven in light of economic uncertainty in China, the refugee crisis in Europe and the...more

Ohio Historic Preservation Tax Credit Program Testimony at Hearing Demonstrates Strong Support and Highlights Effectiveness

On April 28, 2016, the Ohio 2020 Tax Policy Study Commission (the “Commission”) held a public hearing on the future of the Ohio historic preservation tax credit (the “OH HTC”). As you may recall, the Ohio biennial budget bill...more

Montgomery County Proposes to Raise Recordation Tax

The Montgomery County Council proposes to increase the recordation tax charged on the sale and refinance (in certain circumstances) of property. Expedited Bill 15-16 proposes to raise the recordation tax rate for taxable...more

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