As vaccinations have continued to increase, so has the number of people testing positive for COVID-19. Right now, daily cases are rising by at least […]
The post My Vaccination Card Makes Me Feel Like a VIP appeared first on Philadelphia Magazine.
Pennsylvania schools will be allowed to reduce physical distancing requirements to three feet in many classroom settings beginning Monday, according to new state guidance. All elementary schools can reduce physical distancing. So can middle and high schools in counties with low or moderate COVID-19 transmission.
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Wells Fargo & Co. has pushed its targeted return-to-office date to the fall.
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The Impact of the Tax Cuts and Jobs Act on REITs
drusignola@reit.com
Mar. 29 2021
Remmelt Reigersman, partner, tax transactions and consulting at Mayer Brown LLP, participated in a video interview in conjunction with REITwise 2021: Nareit’s Law, Accounting & Finance Conference.
Reigersman discussed how the Tax Cuts and Jobs Act implemented by the Trump administration impacted his clients, noting that the 20% deduction for qualified business income will be a benefit to REIT investors.
“The law also lowered corporate income tax rates…[and] that benefits taxable REIT subsidiaries or REITs that might have a little bit of tax to pay,” he said.
Turning to how the Biden administration could impact REITs, Reigersman said he expects the corporate tax rate to increase from 21% to 28%. Regarding a recent infrastructure bill, he added that it remains to be seen if it will further expand REIT assets or income.
“An expansion of those rules would make REIT capital available as a source for infrastructure spending,” he said.
Reigersman added that a recently introduced related-party rent bill would allow REITs to financially help tenants, particularly in the retail sector.
Watch more video interviews from REITwise 2021: Nareit’s Law, Accounting & Finance Conference:
For a straitlaced Quaker metropolis, Philly has always had a sweet tooth. And we’re all supposed to be shopping local (or at least formerly local) […]
The post 7 Classic Candies That Got Their Start Right Here in Philly appeared first on Philadelphia Magazine.
A new law will expand voting access in New Jersey by establishing nine days of in-person early voting prior to general elections. There will be five early days of voting for presidential primaries and three early days for non-presidential primaries. Counties must open at least 3-7 polls, depending on their size.
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He will be succeeded by Sam Sidhu, son of CEO Jay Sidhu, who is most likely the bank’s future chief executive.
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Entercom, the Philadelphia-based radio and audio content giant, will transition its brand to Audacy. The change comes after three years of aggressive growth across the U.S. market, with added emphasis on podcasts and sports betting.
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REITs Face Challenges in Taking Advantage of Green Subsidies and Incentives
Sarah Borchers…
Mar. 30 2021
Stephen Giordano, principal-Washington National Tax at KPMG LLP, participated in a video interview in conjunction with REITwise 2021: Nareit’s Law, Accounting & Finance Conference.
Giordano discussed some of the tax issues that REITs may need to resolve as they continue to improve the energy efficiency of their properties, including the use of green subsidies and incentives.
“The first challenge is even being able to use the subsidy as it’s intended,” Giordano said. REITs, by design, often don’t have the taxable income necessary to use federal tax credits. State and local tax incentives, meanwhile, present different difficulties, he said.
Giordano also commented on the 2017 tax reform law, which limited the deductibility of interest under Section 163(j), and some of the outstanding issues in that area for REITs.
The question REITs primarily face is whether to opt out of 163 (j), Giordano explained. “That’s an important choice because once the election out is made, it’s irrevocable.” The decision is closely linked to depreciation decisions, he said, and where REITs are going to deploy their capital. Modeling, and getting the numbers right, is key, he added.
Meanwhile, Giordano discussed tax increment financing and some of the tax implications for REITs specifically in connection with this type of financing.
Most Philly theaters are still scratching their heads trying to figure out what to make of 2021. But the Kimmel Center seems fully committed to […]
The post <em>Hamilton</em> (Yes, <em>Hamilton</em>!!) Kicks Off the Return of Live Theater at the Kimmel Center appeared first on Philadelphia Magazine.
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