Tag Archive: "SALT"
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Live Local Florida’s Proposed Impact, One Year Later
Passed in March 2023, Florida CS/SB 102 (“Live Local Florida”) provides funding and incentives for real estate developers and homebuyers – such as tax benefits and the ability to bypass traditional zoning procedures – when activities relate to increasing the availability of affordable housing. Changes to local government zoning approvals under Live Local Florida With […]
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Property Tax Appeals
The commercial real estate industry continues to face challenges with high interest rates, looming debt maturities, low transaction volumes, wide bid/offer spreads, and reduced property values. It would be easy to assume that local property tax assessors would take these widely publicized issues into account with their assessments. Jack Schinder says otherwise: “You might […]
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New York Updates Their Passthrough Entity Tax FAQ’s Ahead of Key Payment Deadline
The New York State Department of Taxation and Finance recently updated their passthrough entity tax (PTET) FAQ’s, which could have an impact on upcoming tax payments due September 15, 2023. For those up-to-speed on the New York State and New York City PTET regime, please skip down two paragraphs to get to the “new stuff.” […]
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Florida Property Owners, You Are On the Clock!
Florida county assessors are required to re-appraise real property annually. Property appraisers establish the value of a property each year as of January 1st. They also review and apply exemptions, assessment limitations, and classifications that can affect a property’s taxable value. Value changes from prior assessments are typically based on market conditions and transactions that […]
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More on Property Tax Appeals
Last week, we stressed the importance of evaluating, and potentially appealing, property tax assessments. After an assessment notice is sent out, there is usually a short window for a property owner or their representative to file an appeal. The appeal process, for the most part, is a three-tiered process: When appealing an assessment, there are […]
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Appealing a Property Tax Assessment
It is important for CFOs and their accounting teams to focus on property taxes for several reasons. First, businesses tend to own a significant amount of real property, and tax rates on commercial property are generally much higher than the rates on comparable residential property. Second, many states and local municipalities levy taxes not only […]
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California SB 113 Expands Pass-Through Entity Elective Tax Benefits
Since the passing of the Tax Cuts and Jobs Act (TCJA) in late 2017, numerous states have enacted a workaround to the state and local tax (SALT) deduction cap of $10,000 by allowing pass-through entities to elect to be taxed at the entity level. On July 16, 2021 California Governor Newsom signed Assembly Bill (AB) […]
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Could Your Organization Benefit by Electing Pass-Through Entity Taxation?
Several states responded to the federal state and local tax deduction limit by allowing pass-through entities the option of calculating and paying tax at the entity level. The IRS approved these elections as a legitimate workaround, which led to a multitude of states to enact pass-through entity tax elections. Laws governing these entity-level tax elections […]
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New York’s Passthrough Entity Tax
Back in April, New York enacted an annual, irrevocable elective passthrough entity tax (PTET) effective for tax years beginning on or after January 1, 2021. The optional tax is New York’s version of the State and Local Tax (SALT) cap workaround. An eligible S corporation or partnership subject to tax under Article 22 of the […]
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Recap of Where We Stand Today
Potential tax law changes have been on taxpayers’ minds for some time now. Unfortunately, there has been a lot of talk and not much action. That changed on Saturday, as the House Committee on the Budget voted to pass the $3.5 trillion spending bill out of committee and onto the floor. Almost two weeks ago, thirteen committees […]