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Commercial Real Estate Tax Changes for 2014

(posted: February 3rd, 2014)

Here is a quick summary of the bill's content:

  1. Extend the liquidation period from June 30, 2015, to June 30, 2017, for funds previously appropriated from the Regional, Planning, Housing and Infill (ILG) Incentive Account and the Transit Oriented Development (TOD) Implementation Fund under Proposition 1C.
  2. Require the Department of Housing and Community Development to amend the guidelines with revised performance-based milestones and to evaluate the revised performance-guidelines on a project by project basis.
  3. Prepare for the end of the triple flip by outlining a process to provide compensation to cities and counties once the mechanism is no longer needed to pay for the Economic Recovery Bonds, including redefining the fiscal adjustment period, requiring the Director of Finance to estimate when the notification to the State Board of Equalization is likely to occur, and requiring the Director of Finance to revise the countywide adjustment once notification occurs.
  4. Require any taxpayer who participates in an out-of-state Like-Kind Exchange to file an informational return form with the Franchise Tax Board when the property acquired in the exchange is located outside of California.
  5. Allocate any moneys allocated and appropriated that become disencumbered and redeposited in the Transit-Oriented Development Account during fiscal year 2013-14.This is technical modification to be consistent with AB 1585 (John A. Perez), Chapter 777, Statutes of 2012.
  6. Contain an appropriation allowing this bill to take effect immediately upon enactment.

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