Today, the House Tax Policy Committee passed the latest fix for the WPW loophole, which deals with using occupancy in valuation in commercial/industrial property. That is great news because they went back to striking the losses provision, which is way more simple and certainly more Constitutional than the "alternative tax scheme." That's really good news that it heads to the floor. The frustrating bit comes in that local governments and the State negotiated in good faith with various groups and agreed to eliminate retroactivity for the sake of getting this issue solved. For years that issue (which costs locals tens of millions of dollars) has the been the biggest sticking point. So, in the spirirt of compromise - we let it go. But why? None of the industry groups came on board with the bills (yet - in fairness one group is still waiting for official word from their board)...and none of the Republicans supported the bills (there were a few "passes" among the no's). It's sad and irritating when compromise only comes from half of the people involved.
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