Thursday, April 28, 2011

Follow those stories

So both the Trib and PBT have stories on the likely outcome of the sale of the Steel Building escaping the payment of real estate transfer taxes.  Who would have expected that?

Still, does it have to be this way?  Here is an idea that I have to attribute to an anonymous commenter here last week..   Strange new world this blog thing.  How does one attribute anonymous commenters anyway?  Probably was some lawyer I know. 

What was suggested is that Philadelphia has local ordinances that make it much more difficult for real estate transactions to escape the payment of transfer taxes.  I found this legal article from a decade ago that explains what they did out east to keep them out of the predicament we are in. 

Without bothering to look up what may or may not preempt this discussion in 2nd class city code or related state statute...  certainly there is nothing set in stone that would prevent this from being changed for us.  Even if it took some tweaking of state code, this isn't anywhere near as big a stretch than other tax changes we might want locally.

There. We can share the commission if someone implements this and generates $millions for the city and school district next time.


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