Some of Buffalo's biggest and most active real estate developers are among the largest beneficiaries of a special city property tax exemption — one that is frequently used in Buffalo, but is not well-known, understood or monitored by taxpayers. That's the conclusion of a new report by an advocacy group, which is raising concerns about the lack of oversight and potential for abuse in a statewide program that is used more in Buffalo than any other upstate city. The Public Accountability Initiative says the "485-a" tax breaks are benefiting wealthy developers, subsidizing luxury apartments and driving up rents. That, in turn, causes gentrification at the expense of lower-income residents, while leaving other property owners to make up the gap in the city budget, the group added. The 485-a program — known for the section of the state real property tax code that authorizes it — was designed to encourage the adaptive reuse of vacant or underutilized commercial and … [Read more...] about Report claims state tax breaks benefit Buffalo developers, drive up rents
State tax problems
Share This Story! Let friends in your social network know what you are reading about Facebook Email Twitter Google+ LinkedIn Pinterest Supreme Court sports betting decision is unlikely to fix state budget problems The Supreme Court decision that clears the way for sports betting in many states is unlikely to ease state budget crises in coming years. Sent! A link has been sent to your friend's email address. Posted! A link has been posted to your Facebook feed. Join the Nation's Conversation To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Paul Davidson, USA TODAY Published 5:50 p.m. ET May 14, 2018 CLOSE The United States Supreme Court agreed on Monday to allow New Jersey's bid for sports betting at its casinos and racetracks, effectively ending prohibition on a $100 billion industry and striking down restrictions on wagering outside of Nevada. Time CONNECT TWEET LINKEDIN COMMENT … [Read more...] about Supreme Court sports betting decision is unlikely to fix state budget problems
The nominee to fill a vacant seat on the Board of Aldermen was the principal of a company that owes the state $171,226 in delinquent taxes, according to state records. Gillam Hospitality Group LLC is No. 12 on the Vermont Department of Taxes’ list of the top delinquent businesses. Bill Gillam addresses the Board of Aldermen on Monday after being nominated to fill a vacant seat on the board. (Kate Barcellos / Staff Photo) William Gillam, appointed Monday by Mayor David Allaire to fill the remaining year in an unexpired term, was principal of the company with his wife, Charlotte Gillam, doing business as South Station Restaurant. His nomination awaits confirmation by the full board of aldermen. South Station closed in 2013. Gillam, a former alderman, now works as food and beverage manager at the Holiday Inn in Rutland Town. Gillam said Tuesday the taxes owed were not covered by the restaurant’s bankruptcy. “The only thing we got out of this is they saved the mortgage … [Read more...] about Would-be alderman has large state tax debt
While it sounds good in theory, attempts to achieve “smarter, smaller government” with lower tax rates and business incentives frequently have put fundamental services at risk — notably education — while not realizing the promised growth.As Iowa Republicans carve out a new state income tax code — an undertaking prompted, in part, by changes at the federal level — we are wary that mistaken assumptions that have driven past tax reform efforts will be repeated.Iowa is one of the few states allowing federal taxes to be deducted on state returns. Consequently, as it stands, the new lower federal tax rates would result in Iowa taxpayers having a higher state bill. In February, the Iowa Department of Revenue estimated the federal tax code revisions would result in Iowans paying nearly $148 million more in state taxes during the 2019 budget year and $192 million in 2020.Gov. Kim Reynolds and Republicans controlling the Senate and House have vowed they … [Read more...] about Is Iowa listening to other states’ tax cut woes?
Michael McDonough has run the numbers for his Maryland taxes, and they don’t look good.If the retired Catonsville man takes advantage of the new federal tax cuts next year, his refund from the U.S. government will be $1,400 bigger. But federal tax changes will drive his Maryland taxes up by $900, erasing nearly two-thirds of his federal windfall.“That’s pretty bad,” said McDonough, 79, a former account manager who earns a six-figure income. “That’s not the way it’s supposed to work, is it?”More than one Maryland taxpayer in five will be in a similar situation next year, according to the state’s Bureau of Revenue Estimates. The state’s tax code is linked to the federal code. Federal changes — particularly the elimination of deductions used widely in Maryland to reduce the amount of income that’s subject to taxation — have caused state taxes to increase.About 22 percent of state taxpayers are expected to see … [Read more...] about Maryland lawmakers’ tax relief plan leaves many with higher state tax bills