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Arizona mayors: Getting rid of tax break will cost thousands of jobs, kill real estate rebound; conservatives say it’s corporate welfare

Posted by   /  February 10, 2017  /  No Comments

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Tempe Marketplace

By Mike Sunnucks | Phoenix Business Journal

Some real estate and economic development groups as well as a number of mayors from Arizona cities are fighting against a bill at the Legislature that essentially rolls back a property tax used to attract big developments and business investment.

The bill sets new, higher tax rates for cities that use Government Property Lease Excise Taxes or GPLETs.

GPLETs involve city governments owning land and then leasing it to real estate developers or companies. That then gives them a more beneficial tax rates than if they own the land outright. It’s been used on big office and other developments in downtown Phoenix and some big job deals in Tempe.

Conservatives label them corporate welfare. Backers say they are job producers.

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