News & Analysis as of

Tax Abatement

Akerman LLP

New York City’s Industrial and Commercial Real Estate Tax Abatement Program Extended to 2029

Akerman LLP on

New York Governor Kathy Hochul signed the bill on extending the Industrial and Commercial Abatement Program (ICAP) for an additional four years, to March 1, 2029, with no modifications to the program....more

Goulston & Storrs PC

City of Boston Office to Residential Conversion Program Extension

Goulston & Storrs PC on

In June, Mayor Wu announced the extension of the City of Boston's Office to Residential Conversion Program with $15 million in additional funding from the state. The program, which formally launched in October of 2023, aims...more

Holland & Knight LLP

Be on the Lookout for Substantial Tax Adjustment Underpayments from GSA

Holland & Knight LLP on

Landlords of General Services Administration (GSA) property in Zone 2 should be on the lookout to ensure that the administrators have correctly calculated the entitlement to a tax adjustment. Upon review, it appears that...more

Goulston & Storrs PC

D.C. FY25 Budget Expands CRE Revitalization Initiatives

Goulston & Storrs PC on

The end of June saw the D.C. Council pass the Fiscal Year 2025 Budget Support Act of 2024 and the Fiscal Year 2025 Local Budget Act of 2024. The 2025 budget includes the “Central Washington Activation Conversion Program...more

Holland & Knight LLP

FY 2025 Budget Support Act Funds New Tax Abatement in Central Washington, D.C.

Holland & Knight LLP on

The Council of the District of Columbia held its second vote on the fiscal year (FY) 2025 Budget Support Act (BSA), which was unanimously approved on June 25, 2024. As part of the amended text, the Council funded the Central...more

McGuireWoods LLP

Fairfax County Tax Abatement Program Begins

McGuireWoods LLP on

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

Akerman LLP

New York City’s Industrial and Commercial Real Estate Tax Abatement Program to be Extended to 2029

Akerman LLP on

The New York City Industrial and Commercial Abatement Program (ICAP) will be extended to remain in effect through 2029, with no modifications. The bill to extend the deadline from March 1, 2025, to March 1, 2029, to...more

Kilpatrick

Around the Country: Recent Cases in Tax Penalty Abatement

Kilpatrick on

Introduction – What Is Tax Penalty Abatement? Audits can be an incredibly frustrating ordeal. From initial contact with tax authorities to digging up old financial records to possibly increasing tax liability, there are...more

Kilpatrick

What is a Penalty & Penalty Abatement?

Kilpatrick on

Penalty Abatement at the State and Local Level: Everybody makes mistakes. Some are honest, some are dumb, and some are even intentional. However, few things are more frustrating than a mistake that leads to or is...more

Ballard Spahr LLP

D.C., Maryland Multifamily Housing Update: Prince George’s County Rent Control, Montgomery County Tenant Protections, Montgomery...

Ballard Spahr LLP on

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

Holland & Knight LLP

District of Columbia Releases Regulations for the Housing in Downtown Tax Abatement

Holland & Knight LLP on

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

Cozen O'Connor

Mayor Bowser Announces Tax Abatement Program to Spur Downtown Residential Conversions

Cozen O'Connor on

Since the beginning of the pandemic, the writing has been on the wall that downtown D.C. could use a breath of fresh air. With office vacancy rates skyrocketing, the Bowser administration has made no secret of its desire to...more

ArentFox Schiff

NYC’s Rent Stabilization Laws Upheld by Supreme Court in Light of Affordable Housing Challenges Nationwide

ArentFox Schiff on

On February 20, the US Supreme Court declined to hear challenges brought by rental unit owners to recent changes made to New York City’s Rent Stabilization Laws. Since these changes went into effect in 2019, news outlets have...more

Ballard Spahr LLP

ROFR Law, HID Tax Abatement, Rent Control Laws and Regulations, and SCOTUS Update

Ballard Spahr LLP on

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

Parker Poe Adams & Bernstein LLP

District of Columbia Lays Groundwork for Office to Residential Building Conversions Through Tax Abatement Program

Earlier this month, the District of Columbia’s Office of the Deputy Mayor for Planning and Economic Development (DMPED) issued proposed rules that lay the groundwork for a competitive process to provide gap financing of...more

Akerman LLP

D.C. Government Publishes Proposed Rules on Tax Abatements for Residential Conversions

Akerman LLP on

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

K&L Gates LLP

Washington, D.C.'s Office of the Deputy Mayor for Planning and Economic Development Proposes Rules to Implement Downtown Real...

K&L Gates LLP on

On 26 January 2024, Washington, D.C.’s Office of the Deputy Mayor for Planning and Economic Development (DMPED) published a Notice of Proposed Rulemaking to implement tax abatements to be made available to developers of...more

Seyfarth Shaw LLP

DC Proposes Tax Abatement to Incentivize Conversion to Housing Development

Seyfarth Shaw LLP on

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

Venable LLP

District of Columbia Set to Adopt Regulations to Implement New Tax Abatement Program to Incentivize Office-to-Residential...

Venable LLP on

The District of Columbia published draft regulations to implement a new tax abatement program passed by the D.C. Council in 2023 to encourage office-to-residential conversions in the downtown area, including portions of...more

Holland & Knight LLP

D.C. Releases Draft Regulations for the Housing in Downtown Tax Abatement

Holland & Knight LLP on

The Office of the Deputy Mayor for Planning and Economic Development (DMPED) for the District of Columbia issued draft regulations effectuating the Housing in Downtown Tax Abatement (Abatement) on Jan. 26, 2024. The draft...more

Pullman & Comley, LLC

What to Do If You Disagree with Your FY2024 Massachusetts Assessment

Pullman & Comley, LLC on

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

Lippes Mathias LLP

IRS Announces Penalty Relief for Nearly Five Million Eligible Taxpayers Totaling $1 Billion

Lippes Mathias LLP on

As looming collection action efforts against delinquent taxpayers intensifies, the Internal Revenue Service is attempting to increase voluntary compliance and payment for outstanding liabilities. The IRS announced automatic...more

Pierce Atwood LLP

Maine Court Clarifies Jurisdiction in Certain Property Tax Appeals and Addresses Maine Revenue Services’ Duty to Taxpayers When...

Pierce Atwood LLP on

In a unanimous opinion, Maine Law Court relied on the plain language of 36 M.R.S. § 844 to hold that, in a municipality without a board of assessment review (BAR), a taxpayer whose nonresidential property is valued at $1...more

Harris Beach PLLC

Tax Abatement Replaces J-51 Program to Promote Affordable Housing Improvements in New York City

Harris Beach PLLC on

Governor Kathy Hochul recently signed legislation authorizing a new tax abatement to promote improvements to affordable housing in New York City. In June 2023, lawmakers in New York State passed the Affordable Housing...more

Husch Blackwell LLP

Missouri Solar Developers Without Clear Direction on Property Tax Abatement Through Enhanced Enterprise Zones

Husch Blackwell LLP on

Enhanced Enterprise Zones (EEZs)- Local governments establish Enhanced Enterprise Zones as an economic development tool to attract new businesses to the area or to incentivize existing businesses to expand....more

90 Results
 / 
View per page
Page: of 4

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide