Developing Philly: The State of Philadelphia's Tax Abatements in 2022
In 2020, Fairfax County, Virginia, adopted an Economic Incentive Program (EIP) that, among other incentives, provides for a partial real estate tax abatement equal to the difference in value between the base value...more
There have been a number of new regulatory developments since our prior Alert, including updates on Prince George’s County rent control, Montgomery County tenant protections, Montgomery County Right of First Refusal (ROFR)...more
The Office of the Deputy Mayor for Planning and Economic Development (DMPED) for the District of Columbia issued regulations effectuating the Housing in Downtown Tax Abatement (Abatement) on March 22, 2024. The regulations...more
Our recent Alert included details and updates on new Montgomery County rent control regulations, an expanded right of first refusal (ROFR) process, and our related advocacy efforts....more
Washington D.C.’s Office of the Deputy Mayor for Planning and Economic Development (DMPED) released its proposed rules establishing how the D.C. government will implement the Housing in Downtown Tax Abatement program. A...more
The District of Columbia’s office market, particularly Class B and C properties, is facing a calamity of epic proportions with occupancy, revenues, and valuations plummeting. Like other municipalities facing similar office...more
January 1 is the date when most third quarter tax bills are mailed in Massachusetts; therefore, under M.G.L. Chapter 59, the majority of abatement applications must be filed with local assessors’ offices on or before...more
While the recently concluded 2023 legislative session focused largely on other forms of taxation, the Connecticut General Assembly did pass several noteworthy acts regarding property taxation. Income and Expense Reports...more
After months of analysis, the St. Louis Development Corporation (SLDC) recently published its long-awaited Summary of Incentives Analysis and Draft Future Incentives Framework (the Framework)....more
The Massachusetts Supreme Judicial Court recently held that software vendors have a statutory right to apportion tax on the sale of prewritten computer software purchased for use in multiple states and that they may do so...more
This alert was originally published Sept. 16, 2020. New information has been added. The Fairfax County Board of Supervisors recently moved forward in its consideration of a new Economic Incentive Program (EIP) that would...more
The New York State Enacted Fiscal Year 2021 budget included the renewal and extension of nine programs that abate real estate taxes, city corporate taxes, sales taxes, and provide energy discounts to qualified applicants....more
Coops and condos will not need to pay their service employees prevailing wages to keep their units eligible for the Cooperative and Condominium Tax Abatement (the abatement). The abatement reduces property taxes between 17.5...more
In the rocket launching business, “Max Q” is point of maximum stress due to the combination of acceleration and air density. Judging from the number of items in today’s update, the session may have reached legislative Max Q....more
Hartford Bankruptcy Threat Postponed - The immediate possibility of Connecticut’s capital city filing a bankruptcy petition has been mitigated as a result of the newly adopted Connecticut budget. ...more
New rules by the nonprofit Governmental Accounting Standards Board [GASB] “can encourage local governments to be more transparent regarding their tax abatements,” says a report by Policy Matters Ohio, according to a recent...more
Nevada enacted a Renewable Energy Tax Abatement program in 2009, which it operates under the Governor’s Office of Energy (“GOE”). For eligible renewable energy facilities, the program awards partial abatements for sales and...more
What is GASB 77 and why does it exist? GASB 77 is an accounting pronouncement applicable to the financial statements of state and local governments. In order for their financial statements to be prepared in accordance with...more
State and local governmental entities (“Governments”) nationwide will soon face new financial statement disclosure requirements regarding existing tax incentive agreements. While the GASB encourages Governments to begin...more
On August 15, 2015, the Government Accounting Standards Board (GASB) issued Statement No. 77 (the “Tax Abatement Standard”) concerning financial reporting of tax abatements and other economic development incentives that...more
Earlier this month, the Governmental Accounting Standards Board (GASB) approved Statement No. 77, Tax Abatement Disclosures, which requires state and local governments to report on foregone revenue from tax abatement...more