Article written by Rod Kauffman

The last schedule day of the 2021 legislative session is April 25, 2021.

It appears that after many years of effort, Tax Increment Financing (TIF) looks likely to pass the legislature this year. Once TIF becomes law, it will be used as a strategy by municipal governments to stimulate economic development in a targeted geographical area. TIFs are used to finance redevelopment projects or other investments using the anticipation of future tax revenue resulting from new development.

An example is the Three Rivers redevelopment in Pittsburgh. If TIF had already been approved, it could have funded the Seattle waterfront instead of the LID (Limited Improvement District).

A State Capital Gains Tax also looks likely to become law. BOMA does not support the Capital Gains Tax, however, we have been part of a coalition that has lobbied to exempt most real estate. Real Estate Investment Trusts are viewed and treated the same as stocks and bonds investments and as such would be taxed as capital gains at sale.

State legislation is to ban new installations of natural gas in residential & commercial buildings will not pass in 2021. However, the City of Seattle is pursuing such a ban.

BOMA has connected with a new person at L&I who is now their Isolated Worker specialist and we have submitted several questions designed to clarify the new rules regarding panic buttons. We hope to have more detailed information to share with BOMA members soon.

INDUSTRY DEFENSE FUND (IDF) » DONATE ONLINE  
If your company does not allow PAC support, please consider contributing to the BOMA IDF (Industry Defense Fund). This is a fund BOMA can use to join coalition and cooperative efforts for issues research, issues support, (as opposed to candidate campaigns). BOMA has used this fund in the past to support transportation initiatives for improved mobility, for an economist to study the methodology the City of Seattle is considering for LID assessments on waterfront redevelopment, etc.

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The BOMA PAC of Washington State is an independent Political Action Committee that supports both Democrat and Republican candidates for statewide and local office who understand the concerns of the Building Owners and Managers, their tenants and those firms that supply goods and services to the commercial real estate industry. Your support of the BOMA PAC of Washington State helps us advance the careers of elected officials who know the importance of building and maintaining a strong and vital