Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
New Development Projects: The Reports of Demise Were Greatly Exaggerated
Politics aside, various regions and industries throughout the country were certain to be impacted differently by the Tax Cuts and Jobs Act of 2017 (the Jobs Act). Of the numerous provisions of the Jobs Act, perhaps the most publicized was the reduction in tax rates. Most significantly the corporate tax rate was cut from 35% to 21%.
While many groups applauded the cut, the shopping center industry had immediate reasons to be concerned. Numerous shopping center developers use a “layer-cake” of financing, including state and federal tax incentives to reduce the costs of debt and equity financing. The industry correctly saw that the market value of the credits would drop once the Jobs Act become effective. Such tax cut could undoubtedly impact the ability of developers to raise equity, certainly for new projects not yet placed in service.
Opportunity Zones
Perhaps intentionally, Congress added a new, and initially little noticed, program by which the shopping center industry could find a supplemental source of equity. Known popularly as “Opportunity Zones,” the Jobs Act authorized each state to designate census tracts within distressed communities where the median family income does not exceed 80% of state median income or which have at least 20% poverty rate. Presumably, there will be a great deal of overlap among Opportunity Zones and neighborhoods where redevelopment projects can be undertaken with various state and municipal tax incentives.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.