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Articles 1 - 23 of 23
Full-Text Articles in Law
The Use Of Pilot Financing To Develop Manhattan's Far West Side, Amy F. Cerciello
The Use Of Pilot Financing To Develop Manhattan's Far West Side, Amy F. Cerciello
Fordham Urban Law Journal
Bonds backed by payments in lieu of taxes ("PILOTs") are a unique and little used mode of financing. They are a rare structure in the municipal debt markets. PILOT financing has a close analog: tax increment financing ("TIF"). TIF is a popular local redevelopment financing mechanism. Since its inception in California in 1952, all fifty states have implemented legislation authorizing the use of TIF. This Comment discusses TIF and its legal and financial drawbacks, and then applies the lessons learned from TIF to PILOT financing. Part I describes TIF's general structure and underlying rationale and then examines New York State's …
New York Lifts Death Tax Penalty, Nancy O'Hagan
New York Lifts Death Tax Penalty, Nancy O'Hagan
Fordham Urban Law Journal
New York State replaced its estate tax and repealed its gift tax. This Article will trace the history of the New York State gift and estate taxes, explain the burden they imposed upon New York State residents in relation to other states, and examine the recent legislation in New York State which will gradually eliminate such inequities.
Targeting Tax Dollars More Efficiently: Proposed Modifications To The 421-A Real Property Tax Exemption, Deborah Ann Konopko
Targeting Tax Dollars More Efficiently: Proposed Modifications To The 421-A Real Property Tax Exemption, Deborah Ann Konopko
Fordham Urban Law Journal
This note discusses Section 421-a of the Real Property Tax Law in New York, which awards a tax exemption to building owners who construct new multi-family housing units under certain conditions. The stated purpose of the statute is to provide safe, habitable dwellings in New York City. This note examines whether 421-a should remain applicable to all multi-family dwellings, including luxury buildings. The author argues that the present standards for granting exemptions represent an inefficient use of tax dollars and that the legislature should limit its application to rental units.
Application Of Internal Revenue Code Section 103(C) To Variable Rate Demand Bonds: Purging The Profiteering Potential, Troy M. Hellenbrand
Application Of Internal Revenue Code Section 103(C) To Variable Rate Demand Bonds: Purging The Profiteering Potential, Troy M. Hellenbrand
Fordham Urban Law Journal
This Note analyzes transactions involving VRDBs, to determine whether they comply with the strictures of IRC section 103(c) and, hence, qualify for the tax exemption. Initially, this Note provides an overview of the tax-exempt bond market by examining the factors that led to the development of VRDBs. It then demonstrates how a reasonable interpretation of the language of IRC section 103(c), gleaned from its legislative history and Treasury promulgations, requires that almost all VRDBs lose their tax-exempt status. More specifically, this Note concludes that the inability to calculate the yield for VRDBs creates an impermissible potential to earn arbitrage profits. …
The Referral Fee And The Aba Rules Of Model Conduct: Should States Adopt Model Rule 1.5(E)?, Sheryl Zeligson
The Referral Fee And The Aba Rules Of Model Conduct: Should States Adopt Model Rule 1.5(E)?, Sheryl Zeligson
Fordham Urban Law Journal
This Note examines the history behind DR 2-107 and the reasons for the ABA's adoption of Model Rule 1.5(e). It then analyzes DR 2-107 in depth to determine whether it has been effective in terms of advancing the policies and purposes it was designed to promote. The Note concludes that DR 2-107 is deficient for the following reasons: (1) members of the legal profession oppose and flagrantly violate the rule; (2) except in a few jurisdictions, violators of the rule are rarely prosecuted while even in those jurisdictions that do enforce the rule, the courts are vague in their interpretation …
Current Tax Trends Affect Historic Rehabilitation: Catalyst Or Obstacle To The Preservation Of Our Nation's History? , William P. Van Saders
Current Tax Trends Affect Historic Rehabilitation: Catalyst Or Obstacle To The Preservation Of Our Nation's History? , William P. Van Saders
Fordham Urban Law Journal
Over the past decade, there has been a growing awareness of the need to restore structures of historic significance on both national and local levels. Both Presidents Carter and Reagan have supported the adoption of extensive federal tax legislation which would provide owners of historic investment property with tax incentives to rehabilitate rather than to raze such property. Unfortunately, these tax enactments have not provided the type of incentive for rehabilitation which was desired. Today in Congress, there is a growing school of thought that the current tax provisions foster the promotion of abusive tax shelters which allow investors to …
Industrial Development Bond Financing After The Deficit Reduction Act Of 1984: The Final Chapter?, Scott W. Bernstein
Industrial Development Bond Financing After The Deficit Reduction Act Of 1984: The Final Chapter?, Scott W. Bernstein
Fordham Urban Law Journal
Approximately sixteen years after Congress purportedly divested industrial development bonds (IDB) of the general tax exemption accorded interest on state and local obligations, President Reagan signed into law the Deficit Reduction Act of 1984 (1984 Act) which contains a substantial number of provisions affecting IDB financing. Title VII of the 1984 Act places a ceiling on the total dollar amount of IDBs that each state can issue per calendar year, further restricts the use of tax-exempt IDB proceeds, and eliminates various loopholes in the Internal Revenue Code pertaining to IDBs. Coincidentally, on November 27, 1984, the Treasury Department, in its …
The Irs's Application Of Arbitrage Provisions: Overregulation Of Municipal Finance, Carol L. Gruendel
The Irs's Application Of Arbitrage Provisions: Overregulation Of Municipal Finance, Carol L. Gruendel
Fordham Urban Law Journal
The federal tax exemption afforded to municipal bonds makes them a desirable investment, but the tax exemption is a costly preference in the federal tax system, that has caused a loss of $9.4 billion in federal revenues in the fiscal year of 1981. Legislation has been enacted to regulate the use of the tax exemption for municipal bonds when their issuers engage in arbitrage practices. Arbitrage bonds are defined under Section 103(c) of the Internal Revenue Code as municipal securities which are issued for the purpose of investing the majority of the proceeds in higher yielding securities, or to replace …
Tax Certiorari Proceedings And The Present Real Property Tax System In New York City, Mark A. Willis
Tax Certiorari Proceedings And The Present Real Property Tax System In New York City, Mark A. Willis
Fordham Urban Law Journal
This article examines the way the tax system in New York City contrasts sharply with the New York state uniform tax system that requires all real property to be assessed at full market value and within a single jurisdiction, taxed at the same statutory rate. The author finds that properties in the city are assessed at differing percentages of market value, resulting in wide differences in effective tax rates, particularly between residential and non-residential properties. The author posits that a switch by the city to a uniform tax system would result in major reallocation of the tax burden among the …
A Law In Search Of A Policy: A History Of New York's Real Property Tax Exemption For Nonprofit Organizations, Robert L. Beebe, Stephen J. Harrison
A Law In Search Of A Policy: A History Of New York's Real Property Tax Exemption For Nonprofit Organizations, Robert L. Beebe, Stephen J. Harrison
Fordham Urban Law Journal
This article examines the problem of the erosion of the New York municipality tax bases due to a proliferation of New York property tax exemptions for nonprofit organizations. It posits that one of the most difficult and sensitive subjects of real property tax administration is the exemption available to property owned by nonprofit organizations, that do work solely for religious, charitable, hospital, educational, moral or mental improvement of men, women or children. It analyzes the effects of these tax exemptions utilizing a four tiered approach. First, it explains the history of an increasingly intense competition between the needs of the …
Tax Certiorari Proceedings And The Present Real Property Tax System In New York City, Mark A. Willis
Tax Certiorari Proceedings And The Present Real Property Tax System In New York City, Mark A. Willis
Fordham Urban Law Journal
This article examines the way the tax system in New York City contrasts sharply with the New York state uniform tax system that requires all real property to be assessed at full market value and within a single jurisdiction, taxed at the same statutory rate. The author finds that properties in the city are assessed at differing percentages of market value, resulting in wide differences in effective tax rates, particularly between residential and non-residential properties. The author posits that a switch by the city to a uniform tax system would result in major reallocation of the tax burden among the …
The Kemp-Garcia Enterprise Zone Bill: A New, Less Costly Approach To Urban Redevelopment, Robert W. Benjamin
The Kemp-Garcia Enterprise Zone Bill: A New, Less Costly Approach To Urban Redevelopment, Robert W. Benjamin
Fordham Urban Law Journal
This article examines the Reagan Administration's practice of creating enterprise zones in blighted urban areas. Enterprise zones are small areas which offer tax abatements and other incentives to to businesses willing to locate within the boundaries of the zone. The author acknowledges that this practice is not new, but argues that the Reagan administration would be the first to offer major incentives to encourage the private sector to undertake the task of rebuilding the nation's most impoverished areas. This article examines the Kemp-Garcia bill, which provides that enterprise zones are to be designated by the Secretary of commerce at the …
The Imposition Of New York City's Water And Sewer Rents On Non-Profit Institutions , Adam Hoffinger
The Imposition Of New York City's Water And Sewer Rents On Non-Profit Institutions , Adam Hoffinger
Fordham Urban Law Journal
This article focuses on the immunity from real property taxation and charges for the use of water and sewer services that New York nonprofit institutions have historically enjoyed. It first examines the nature of New York City's water and sewer rents and exemptions, and the method by which New York city charges for water and sewer services. It then examines the case law that establishes the liability of nonprofit institutions for the payment of water and sewer rent. It further explores the exemptions from water and sewer rents extended to nonprofit organizations in New York City. Finally, in light of …
New York's Tax And Debt Limits And Classified Property Tax Assessments: Time For A Constitutional Amendment?, Alan J. Weiss
New York's Tax And Debt Limits And Classified Property Tax Assessments: Time For A Constitutional Amendment?, Alan J. Weiss
Fordham Urban Law Journal
This Comment addresses the proposed changes in 1981 to New York's Real Property Tax Law, which would change the law that states all property must be assessed for taxation at its full value. The author posits that this change may have the unintended effect on the manner in which local government borrowing and taxing powers are restricted by the state constitution, thus possibly substantially reducing the amount of revenue local governments may obtain by borrowing and taxing. It first analyzes the effect of a modification of the assessment standard on New York's constitutional borrowing and taxing restrictions, which were adopted …
A Law In Search Of A Policy: A History Of New York's Real Property Tax Exemption For Nonprofit Organizations, Robert L. Beebe, Stephen J. Harrison
A Law In Search Of A Policy: A History Of New York's Real Property Tax Exemption For Nonprofit Organizations, Robert L. Beebe, Stephen J. Harrison
Fordham Urban Law Journal
This article examines the problem of the erosion of the New York municipality tax bases due to a proliferation of New York property tax exemptions for nonprofit organizations. It posits that one of the most difficult and sensitive subjects of real property tax administration is the exemption available to property owned by nonprofit organizations, that do work solely for religious, charitable, hospital, educational, moral or mental improvement of men, women or children. It analyzes the effects of these tax exemptions utilizing a four tiered approach. First, it explains the history of an increasingly intense competition between the needs of the …
The Kemp-Garcia Enterprise Zone Bill: A New, Less Costly Approach To Urban Redevelopment, Robert W. Benjamin
The Kemp-Garcia Enterprise Zone Bill: A New, Less Costly Approach To Urban Redevelopment, Robert W. Benjamin
Fordham Urban Law Journal
This article examines the Reagan Administration's practice of creating enterprise zones in blighted urban areas. Enterprise zones are small areas which offer tax abatements and other incentives to to businesses willing to locate within the boundaries of the zone. The author acknowledges that this practice is not new, but argues that the Reagan administration would be the first to offer major incentives to encourage the private sector to undertake the task of rebuilding the nation's most impoverished areas. This article examines the Kemp-Garcia bill, which provides that enterprise zones are to be designated by the Secretary of commerce at the …
New York's Tax And Debt Limits And Classified Property Tax Assessments: Time For A Constitutional Amendment?, Alan J. Weiss
New York's Tax And Debt Limits And Classified Property Tax Assessments: Time For A Constitutional Amendment?, Alan J. Weiss
Fordham Urban Law Journal
This Comment addresses the proposed changes in 1981 to New York's Real Property Tax Law, which would change the law that states all property must be assessed for taxation at its full value. The author posits that this change may have the unintended effect on the manner in which local government borrowing and taxing powers are restricted by the state constitution, thus possibly substantially reducing the amount of revenue local governments may obtain by borrowing and taxing. It first analyzes the effect of a modification of the assessment standard on New York's constitutional borrowing and taxing restrictions, which were adopted …
The Imposition Of New York City's Water And Sewer Rents On Non-Profit Institutions , Adam Hoffinger
The Imposition Of New York City's Water And Sewer Rents On Non-Profit Institutions , Adam Hoffinger
Fordham Urban Law Journal
This article focuses on the immunity from real property taxation and charges for the use of water and sewer services that New York nonprofit institutions have historically enjoyed. It first examines the nature of New York City's water and sewer rents and exemptions, and the method by which New York city charges for water and sewer services. It then examines the case law that establishes the liability of nonprofit institutions for the payment of water and sewer rent. It further explores the exemptions from water and sewer rents extended to nonprofit organizations in New York City. Finally, in light of …
Institutional Posture: A Measure For Good Faith In An Irs Summons Enforcement Proceeding, Monice Rosenbaum
Institutional Posture: A Measure For Good Faith In An Irs Summons Enforcement Proceeding, Monice Rosenbaum
Fordham Urban Law Journal
The Internal Revenue Service may use its powers under section 7602 of the Internal Revenue Code to issue administrative summonses to taxpayers and third parties to verify the content of a filed tax return or to prepare a return where none has been filed. Frequent disputes arise between the IRS and taxpayers who claim that its agents have overstepped their section 7602 power. The Supreme Court attempted to clarify the issues surrounding these disputes in United States v. LaSalle National Bank. The Court formulated a two prong test and created an "institutional posture" standard to measure the IRS's good faith. …
The Investment Decision In The Central City: A Consideration Of A Property Tax Abatement Law , Dipak K. Gupta, Louis M. Rea
The Investment Decision In The Central City: A Consideration Of A Property Tax Abatement Law , Dipak K. Gupta, Louis M. Rea
Fordham Urban Law Journal
This article addresses an indirect policy approach to handling "gray areas" in large central cities where dilapidated and deteriorated housing go unresolved. Rather than focusing on abandonment and rebuilding, the article looks to fostering renewal of existing structures through property tax abatement programs. Using Pittsburgh as a model and experience to outline the framework for such a program, the article attempts to enhance ones understanding of the economic impacts that a property tax can have on the condition of city housing. The article concludes that for any city to embark on a tax abatement policy, it must understand the conditions …
The Small Tax Case Procedure: How It Works--Does It Work?, Christopher J. Badum
The Small Tax Case Procedure: How It Works--Does It Work?, Christopher J. Badum
Fordham Urban Law Journal
In 1968 the section of Taxation of the American Bar Association proposed an amendment to the Internal Revenue Code of 1954 to provide for a small claims division in the United States Tax Court. Such a division was thought to be a necessary alternative to the often expensive and time consuming tax litigation procedure in the Tax Court, the Court of Claims, and the district court. Congress adopted the proposal and it was incorporated into the Tax Reform Act of 1969. This Note will discuss the proceedings of bringing suit in the Small Tax Case Division and will propose ways …
Book Review: Urban Incentive Tax Credits, By Edward M. Meyers And John J. Musial, Phillip Weitzman
Book Review: Urban Incentive Tax Credits, By Edward M. Meyers And John J. Musial, Phillip Weitzman
Fordham Urban Law Journal
The authors of this book propose a tax credit to all individuals and businesses who reside within depressed cities, in an effort to reverse the exodus of middle and upper income individuals from the central cities and induce businesses to undertake new investment within the city. The reviewer observes that there are technical errors and gaps in the authors' analysis, but that the most serious problem is with the general principles underlying their approach. He argues that it is unlikely that the proposed tax credits would actually have the intended effect of revitalizing depressed inner city areas.
The Federal Collection Of State Individual Income Taxes, Nicholas J. Letizia
The Federal Collection Of State Individual Income Taxes, Nicholas J. Letizia
Fordham Urban Law Journal
States have traditionally relied on taxes to finance the expansion of services, and most states have enacted broad-based income taxes which yield additional revenue without raising tax rates. Federal grant-in-aid and revenue sharing funds also increase a state's fiscal resources and relieve pressure for additional taxes. Revenue Sharing was intended to replace restricted grants-in-aid and permit state and local governments to receive federal funds pursuant to an allocation basis which rewarded state and local tax efforts. An unutilized provision of Revenue Sharing provides for the optional piggybacking of state income taxes upon the federal income tax. The Internal Revenue Service …