In “Recent Measures Establish Unprecedented Tax Increases on Real Property in California Cities,” Craig A. Becker, Breann E. Robowski, Rachel B. Horsch and David W. Wright examine the array of local measures approved by California voters in the 2022 midterms, which includes an increase in city-level transfer taxes and the addition of new…
Rising inflation rates impact the Bipartisan Infrastructure Law, the new “Bring Chicago Home” proposal could triple the transfer tax rate on city properties, a downtrend in homebuying emerges, and more. The rising inflation rates shave billions in value off of the Bipartisan Infrastructure Law, forcing states to cancel or delay…
Cybersecurity becomes an increasing concern when buying digital land, a significant property tax break in New York is set to expire, climate disclosure mandates in commercial real estate are on the horizon, and more. New York State lawmakers are set to allow a $1.7 billion property tax break to expire,…
Section 80201 of the Infrastructure Investment and Jobs Act of 2021, Public Law 117-58, reinstates the long-expired federal excise taxes that are imposed on specified chemical substances used in common industrial applications pursuant to Sections 4661 and 4671 of the Internal Revenue Code. The effective date of this reinstatement is…
On November 19, 2021, the U.S. House of Representatives passed the Build Back Better Act (H.R. 5376), a bill that represents a large portion of the Biden-Harris Administration’s agenda. Among other spending and tax measures, the bill includes an unprecedented expansion of the Low-Income Housing Tax Credit (LIHTC) program. Four…
At the end of July 2021, a bill was introduced in the House and Senate, which, if enacted, would create a federal tax credit to fund the conversion of unused office buildings into residential, commercial, or mixed-use properties. The Revitalizing Downtowns Act (S. 2511), which is modeled after the federal…
California voters say “No” to split roll, and San Francisco voters say “Yes” to higher gross receipts taxes and real estate transfer taxes. In “California’s Proposition 15 Is Failing While San Francisco Accepts a Bevy of Local Tax Measures“, colleagues Craig A. Becker, Breann E. Robowski, William L. Bennett discuss that California…
This November, California voters will decide whether commercial and industrial properties will lose their Proposition 13 protection against property tax reassessment. In “The Split-Roll Initiative is Posted to Rock California’s Property Tax System“, colleagues Craig A. Becker, Richard E. Nielsen and Breann E. Robowski explain.
In 731 Market Street Owner LLC v. City and County of San Francisco (June 18, 2020), California appellate court affirms that local realty transfer tax does not apply when leasehold has a remaining term of 35 years or more. In “California Court of Appeal Concludes Transfer Tax Not Applicable to…
On June 15, 2020, the California Legislature passed Governor Newsom’s proposed tax legislation to raise additional income tax revenue to assist in balancing the California budget. (AB 85). The Senate and Assembly each achieved the two-thirds majority vote required for California tax increases (27-11 in the Senate and 56-20 in…