Council Wants Lower Threshold for Developer Tax Incentives
The City Council passed a resolution calling on its General Assembly delegation to create legislation changing state law to increase access to payment in lieu of taxes.
The City Council wants state lawmakers to change the law to allow smaller developments outside of designated urban renewal zones access to special tax incentives. Payment in lieu of taxes, or PILOTs, allows the city to reduce real estate taxes on a project for a period of time, and accept a negotiated payment instead, making development in the city more attractive. These incentives have been criticized as a handout to developers to encourage building in all ready thriving parts of the city, such as Harbor East. But on Thursday the council passed a resolution calling on state lawmakers to pass legislation allowing the city to grant the incentives to smaller neighborhood based projects. Currently, to qualify for a payment in lieu of taxes…
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Joe
12:02 pm on Monday, December 10, 2012
Why not just give EVERY developer who throws cash at the elected officials these tax breaks on ANY development? Who needs property tax collections when you have a city full of people with so many who pay no property or income taxes and the others are all much wealthier than the average, just tax them more. more ›