2024 state legislative session wrapped up March 8th.
BOMA, along with alliance partners, successfully defeated four tax proposals that would have been harmful to the commercial real estate industry:
B&O tax on rents and leases a bill that would apply a 1.5% B & O tax on rental income residential and commercial (unless a landlord agrees to limit rent increases an attempt at Commercial Rent Control) a back door rent control effort. SB 6136
Real Estate Excise Tax (REET) (RETT) - a bill that would raise the transfer tax from 3% to 4% for sales above $5 million and lower it for sales below $500k. - HB 2276/SB 6191
Capital Gains Tax – a bill that would raise the Capital Gains tax from 7% to 9% and would add real estate gains to the tax. - SB 5335
Property Tax – a bill that would raise the limit on the state portion of the property tax from 1% to 3% based on CPI. - SB 5770
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