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New York City's J-51 Program: Controversy And Revision, Debra S. Vorsanger
New York City's J-51 Program: Controversy And Revision, Debra S. Vorsanger
Fordham Urban Law Journal
New York City administers a real estate tax incentive program, called the J-51 program, for eligible building owners who rehabilitate existing structures. Despite the need for such a program, various problems and abuses arose, emphasizing the need for major reform. Economic conditions changed the housing market and the tax incentives demonstrated several deleterious effects which contravene the original legislative intent of the program. After long negotiations surrounding several competing arguments, reforms were made. The current revisions were necessary to correct the abuses and to return the program to its original purpose of providing adequate housing for moderate and lower income …
Sale-Leaseback Transactions By Tax-Exempt Entities And The Need For Congressional Guidelines, William L. Vallee, Jr., William L. Vallee, Jr., William L. Vallee, Jr., William L. Vallee, Jr.
Sale-Leaseback Transactions By Tax-Exempt Entities And The Need For Congressional Guidelines, William L. Vallee, Jr., William L. Vallee, Jr., William L. Vallee, Jr., William L. Vallee, Jr.
Fordham Urban Law Journal
This Note explores the use, mechanics, and financial and tax ramifications of sale-leaseback transactions, focusing on their growing use by tax-exempt entities and the concerns this use has created in Congress. This analysis demonstrates that these transactions do not pose the problems feared by Congress, the Treasury Department (IRS), and the current Administration. Furthermore, it will show that under most circumstances sale-leaseback transactions by tax-exempt entities, although causing a revenue loss, are a useful device for providing certain tax-exempt entities with the financial means to maintain services in the face of rising costs and the withdrawal of federal funding. Finally, …