Ohio’s oil and gas industry may get a retroactive windfall tax break estimated at $264 million under a bill passed by the legislature during the lame-duck session The heavily amended Senate Bill 235 would expand the sales-tax exemption for tangible personal property for the oil and gas industry. And in an unusual move, the General Assembly made the tax breaks retroactive to June 30, 2010, requiring refunds from the state totaling $215 million and local governments totaling $49 million.
Due to a considerable amount of availability amid Manhattan’s softening retail market, temporary stores, or Pop-Ups, are teaming up with landlords in an unexpected win-win scenario. Cautious retailers who are hesitant to open brick-and-mortar operations due to the rapid growth of on-line shopping get to test the waters in the elite shopping district with a shorter-term lease and often discounted rent. And rather than try to sell empty spaces, landlords can show off the energy and activity pop-ups bring to the space to prospective long-term tenants.
Philadelphia City Council unanimously approved legislation aimed at closing the loopholes that has allowed buyers and sellers of some of the city’s biggest commercial real estate transactions to avoid or lessen the transfer tax on those deals. City Council believes the changes made to the real estate transfer tax law could add millions to public coffers. The vote comes after an analysis by The Inquirer found those loopholes being exploited more often than not in the city's biggest real estate deals, where the tax savings can be most pronounced.
At the beginning of the year, researchers warned that hundreds of thousands of new apartments would open in 2016 and drive up the vacancy in the sector. However, average vacancy rates remained low throughout most of this year and the sector’s strength exceeded expectations. Steady job growth numbers and a strong demand helped fill many new units, while construction delays held up a significant number of apartment projects, which will now open next year. Vacancy rates are still anticipated to rise in 2017, when even more new apartments will open than in 2016. However, experts now expect the U.S. vacancy rate to stay at or below 5.0 percent.
Local officials expressed concerns last week over a bill that gives property tax breaks to Ohio developers, prompting significant changes to the legislation. Designed to help developers predict costs and make more job-ready sites available in Ohio, the business-backed bill would freeze property values for land under commercial or industrial development until the project is completed through a sale of the property, an occupancy permit or the start of business operations. However, local officials who deal with economic development around the state said without major revisions, the bill could do more harm than good in some regions.
Sen. Paul Bettencourt, R-Houston, filed a bill Tuesday that aims to reduce the tax burden on property owners, but many Central Texas city leaders are rallying against the legislation in fear of losing revenue needed for their growing cities. Senate Bill 2 would require cities and counties to ask for voter approval for any annual property tax hike of 4 percent or greater. The bill would not affect school district taxes.