AZBigMedia
The 2018 state legislative session that adjourned on May 4 was productive for Arizona’s commercial real estate industry as BOMA Greater Phoenix had a 5-0 record on bills on which it took a position.
The biggest joint victory for BOMA was a grand compromise on GPLET reform. A unanimous deal was struck between developers, cities, and tax watchdogs on the long-term retention of the 8-year property tax abatement and narrowing the application in the future to a capped land mass contained in a Central Business District (CBD) within a city.
HB2126 passed almost unanimously and was signed into law by Gov. Doug Ducey on April 17.
