Boston’s Property Tax Crisis EXEMPTIONS EXEMPTIONS ABATEMENTS ABATEMENTS DIF’s TIF’s and WHAT...
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Transcript of Boston’s Property Tax Crisis EXEMPTIONS EXEMPTIONS ABATEMENTS ABATEMENTS DIF’s TIF’s and WHAT...
Boston’s Property Tax Boston’s Property Tax CrisisCrisis
EXEMPTIONSEXEMPTIONS
ABATEMENTSABATEMENTS
DIF’s TIF’s and DIF’s TIF’s and WHAT IF’sWHAT IF’s
BOSTON’S Property Tax Crisis – BOSTON’S Property Tax Crisis – EXEMPTIONS – or How the Other EXEMPTIONS – or How the Other
Half Lives.Half Lives.
More than half of Boston property is More than half of Boston property is exempt from the payment of real and exempt from the payment of real and personal property taxes (53%).personal property taxes (53%).
In 2002 the mix was:In 2002 the mix was: Residential Land:Residential Land: 10, 228 Acres10, 228 Acres 35%35% Commercial Land:Commercial Land: 4,269 Acres 4,269 Acres 15%15% Tax ExemptTax Exempt 14,688 Acres14,688 Acres
50%50%
ASSESSMENTS: MAJOR ASSESSMENTS: MAJOR CATEGORIESCATEGORIES
FY 2004FY 2004
RESIDENTIAL67.0%
COMMERCIAL26.9%
INDUSTRIAL1.0%
PERSONAL5.2%
PROPERTY TYPE TOTALVALUE
RESIDENTIAL $ 44,313,799,040
COMMERCIAL $ 17,761,725,236
INDUSTRIAL $ 642,200,851
PERSONAL PROPERTY $3,424,004,600
Assessments: Major Assessments: Major CategoriesCategories
Property TypeProperty Type Total ValueTotal Value ResidentialResidential $44,313,799,040$44,313,799,040 CommercialCommercial $17,761,725,236$17,761,725,236 IndustrialIndustrial $ 642,200,851$ 642,200,851 Personal PropertyPersonal Property $ 3,424,004,600$ 3,424,004,600 EXEMPTEXEMPT $18,903,847,924$18,903,847,924 EXEMPT IS MORE THAN EXEMPT IS MORE THAN
COMMERCIAL AND INDUSTRIAL COMMERCIAL AND INDUSTRIAL COMBINEDCOMBINED
EXEMPTIONSEXEMPTIONS““A privilege allowed by the A privilege allowed by the
General Court of the General Court of the Commonwealth.”Commonwealth.”
Over 50 exemption provisions are Over 50 exemption provisions are permittedpermitted..
Releases an owner from the Releases an owner from the obligation to pay all or a portion obligation to pay all or a portion of the taxes assessed on a parcel of the taxes assessed on a parcel
of property.of property.
Recognized only where property Recognized only where property use or individual status clearly use or individual status clearly
falls within the terms of the falls within the terms of the exemption.exemption.
Types of ExemptionsTypes of Exemptions
.Personal Exemptions:.Personal Exemptions: 1.Elderly 1.Elderly 17D or 41C17D or 41C $ 175 - $ $ 175 - $
500500 2.Veteran/Surviving Spouse 2.Veteran/Surviving Spouse 22 A-E22 A-E
$ 175 - $875 - Full$ 175 - $875 - Full 3. Blind 3. Blind 37A37A $ 500$ 500 4. Surviving Spouse(Police/Fire) 424. Surviving Spouse(Police/Fire) 42 Full Full 5. Surviving Spouse/Minor Child 17D5. Surviving Spouse/Minor Child 17D
$ 175$ 175 6. Hardship6. Hardship 18 18 Partial to Partial to
FullFull
Types of ExemptionsTypes of Exemptions
Miscellaneous:Miscellaneous: CemeteriesCemeteries Solar&Wind Powered Energy Systems – Solar&Wind Powered Energy Systems –
20YRS20YRS Pollution Control StructuresPollution Control Structures
See Mass G.L 59, Chapter 5 for a See Mass G.L 59, Chapter 5 for a complete list.complete list.
Types of ExemptionsTypes of Exemptions
Government PropertyGovernment Property Federal propertyFederal property State PropertyState Property Government Authorities: Port Government Authorities: Port
Authority; MBTA; Turnpike AuthorityAuthority; MBTA; Turnpike Authority Charitable; Religious OrganizationsCharitable; Religious Organizations Chapter 121A ExemptionsChapter 121A Exemptions
Boston’s Property Tax Boston’s Property Tax Crisis: ExemptionsCrisis: Exemptions
Tax Exempt Property OwnershipTax Exempt Property Ownership Commonwealth of Mass:Commonwealth of Mass: 7,519 Acres7,519 Acres
26%26% City of Boston:City of Boston: 4,212 Acres4,212 Acres 14%14%
Includes 331 acres – Property Tax Includes 331 acres – Property Tax ForeclosuresForeclosures
Medical & Educational:Medical & Educational: 661 Acres 661 Acres 2%2%
Other CharitableOther Charitable 2,296 Acres2,296 Acres 8%8%
Exempt Property OwnersExempt Property Owners Commonwealth of Commonwealth of
Mass:Mass: Massport 2,580 AMassport 2,580 A MDCMDC 1,652 A 1,652 A MBTAMBTA 702 A 702 A Turnpike 207 ATurnpike 207 A Other MA 2,377 AOther MA 2,377 A Total: Total: 7,519 Acres7,519 Acres 25.8% of Total City 25.8% of Total City
LandLand 51.2% of Total Tax 51.2% of Total Tax
ExemptExempt
City of BostonCity of Boston Parks and Playgrounds Parks and Playgrounds
2,023 A2,023 A BRA/EDIC 406 A BRA/EDIC 406 A
1.4% of Total City 1.4% of Total City LandLand
BHA 375 A 1.3% of Total BHA 375 A 1.3% of Total City LandCity Land
Other City uses: 1,407 AOther City uses: 1,407 A 14.4% of Total City Land14.4% of Total City Land 28.7% of Total Tax 28.7% of Total Tax
ExemptExempt
Exempt Property OwnersExempt Property Owners
Colleges & UniversitiesColleges & Universities 445 Acres; 1.5% of Total City Land;3% 445 Acres; 1.5% of Total City Land;3%
of Tax Exemptof Tax Exempt Medical & ScientificMedical & Scientific
216 Acres; .7% of Total City Land; 1.5% 216 Acres; .7% of Total City Land; 1.5% of Tax Exemptof Tax Exempt
Cultural, Museums, Private Cultural, Museums, Private ElementaryElementary 410 Acres; 1.4% of Total City Land; 410 Acres; 1.4% of Total City Land;
2.8% of Tax Exempt 2.8% of Tax Exempt
Exempt Property OwnersExempt Property Owners
CemeteriesCemeteries 768 Acres; 2.6% of Total City Land; 5.2% of Tax 768 Acres; 2.6% of Total City Land; 5.2% of Tax
ExemptExempt ReligiousReligious
285 Acres; 1% of Total City Land; 1.9% of Tax 285 Acres; 1% of Total City Land; 1.9% of Tax ExemptExempt
Benevolent Benevolent 86 acres; .3% of Total City Land; .6% of tax exempt86 acres; .3% of Total City Land; .6% of tax exempt
Other: 121 A ContractsOther: 121 A Contracts 747 Acres; 2.6% of Total City Land; 5.1% of tax 747 Acres; 2.6% of Total City Land; 5.1% of tax
exemptexempt
How Do Exemptions How Do Exemptions Affect Our Tax Bills?Affect Our Tax Bills?
Personal Personal ExemptionsExemptions
Reduce the tax bill Reduce the tax bill if we meet certain if we meet certain qualifications.qualifications.
Must apply Must apply annuallyannually
All Other All Other ExemptionsExemptions
Increase the tax Increase the tax burden by burden by reducing the tax reducing the tax basebase
PILOT and 121A PILOT and 121A payments do not payments do not approach tax approach tax assessments.assessments.
Property Tax Revenue – Property Tax Revenue – Critical Critical
Cities and towns in Massachusetts Cities and towns in Massachusetts are primarily dependent on property are primarily dependent on property tax revenues to fund the delivery of tax revenues to fund the delivery of services.services.
FY 2002 Boston Budget RevenuesFY 2002 Boston Budget Revenues:: State AidState Aid 27.7%27.7% Fees/Local Option TaxesFees/Local Option Taxes 12.6%12.6% Investments/Non-recurring 7.9%Investments/Non-recurring 7.9% PROPERTY TAXESPROPERTY TAXES 51.8%51.8%
Property Tax Revenue - Property Tax Revenue - CriticalCritical
For FY 2004, Boston’s For FY 2004, Boston’s dependency on property dependency on property tax has risen from 51.8% tax has risen from 51.8% in 2002 to 59.9%.in 2002 to 59.9%.
Boston’s Property Tax Boston’s Property Tax CrisisCrisis
100% of the Property Tax Revenue 100% of the Property Tax Revenue comes from less than half of the city’s comes from less than half of the city’s property.property.
The cost of providing services for all of The cost of providing services for all of the City falls primarily on the tax-paying the City falls primarily on the tax-paying owners of only half of it.owners of only half of it.
More than half of the Boston property More than half of the Boston property that is exempt is dedicated to public that is exempt is dedicated to public uses for people throughout the region, uses for people throughout the region, i.e. property owned by the i.e. property owned by the Commonwealth.Commonwealth.
Exemptions: Funding & Exemptions: Funding & ReimbursementReimbursement
MassachusettsMassachusetts: Cities and Towns receive : Cities and Towns receive no financial reimbursementno financial reimbursement from the from the state for real property which is exempt.state for real property which is exempt.
ConnecticutConnecticut: Cities and towns are : Cities and towns are partially reimbursedpartially reimbursed by the state, by the state, depending on tax exempt use. Requires depending on tax exempt use. Requires an annual appropriation.an annual appropriation.
Rhode IslandRhode Island: Similar provisions to : Similar provisions to ConnecticutConnecticut
Boston’s Property Boston’s Property Tax Crisis: Tax Crisis:
Potential Revenue Potential Revenue SourcesSources
PILOT – Payment PILOT – Payment In Lieu Of TaxesIn Lieu Of Taxes
PILOT: Payment in Lieu PILOT: Payment in Lieu of Taxesof Taxes
Exempt Institutions Utilize City Exempt Institutions Utilize City Services:Services: PolicePolice Public WorksPublic Works FireFire Public HealthPublic Health PILOT encourages tax-exempt institutions PILOT encourages tax-exempt institutions
to contribute to defraying the public to contribute to defraying the public expense associated with the institution.expense associated with the institution.
PILOT is a moral obligation, not a PILOT is a moral obligation, not a statutory one.statutory one.
Municipal Demand for Municipal Demand for PILOTPILOT
Dependent uponDependent upon:: The amount of tax involvedThe amount of tax involved Level of existing municipal fiscal Level of existing municipal fiscal
distressdistress Degree of purely local benefit from non-Degree of purely local benefit from non-
profit activitiesprofit activities The nature of the non-profit serviceThe nature of the non-profit service The lobbying power of those adversely The lobbying power of those adversely
affected.affected.
Non-Profit Resistance to Non-Profit Resistance to PILOTPILOT
Factors affecting tax exempt owner Factors affecting tax exempt owner resistance:resistance: The dollar amount at issueThe dollar amount at issue Potential for erosion of exemptionPotential for erosion of exemption Public relationsPublic relations Fear of future, worse treatmentFear of future, worse treatment
The Effects of The Effects of Exemptions for Exemptions for
InstitutionsInstitutions Rent vs. Own decision Rent vs. Own decision No incentive to avoid high tax No incentive to avoid high tax
jurisdictionsjurisdictions Financial incentive to expand; Financial incentive to expand;
acquire propertyacquire property
PILOT IN PILOT IN MASSACHUSETTSMASSACHUSETTS
FY 2003FY 2003TOTAL TOTAL
STATEWIDESTATEWIDE
Charitable& Charitable& Educational ValueEducational Value
$ $ 22,098,752,57522,098,752,575
.00 .00
% of Total Exempt % of Total Exempt PropertyProperty 26.01%26.01%
Projected Tax Projected Tax PaymentsPayments
$ $ 505,863,999.00 505,863,999.00
Actual PILOTActual PILOT $ $
17,894,347.00 17,894,347.00
Percentage: PILOT to Percentage: PILOT to TaxesTaxes 3.54%3.54%
LOST TAX LOST TAX REVENUE:REVENUE:
$ $ 487,969,652.487,969,652.00 00
Payment in Lieu of Taxes
FY 98 FY00 FY 02 FY03
Boston Housing Authority $410,984 $595,145 $390,358 $509,113
Boston Symphony Orchestra $0 $30,199 $35,557 $36,306
EDIC $0 $157,000 $329,000 $400,000
Harvard University $1,287,534 $1,465,197$1,479,39
8 $1,567,193
Marriott Custom House Twr Timeshare $90,705 $242,656 $250,806 $253,286
Museum of Fine Arts $42,000 $40,682 $42,709 $42,805
Northeastern University $580,350 $140,107 $136,021 $136,020
Massport $10,253,847$10,501,52
6$7,306,18
6$10,903,05
4
PILOT in BOSTON PILOT in BOSTON
FY 2003FY 2003 BostonBoston
Charitable& Educational ValueCharitable& Educational Value $ 4,816,894,343.00 $ 4,816,894,343.00
% of Total Exempt Property% of Total Exempt Property 26.21%26.21%
Projected Tax PaymentsProjected Tax Payments $ 159,728,216.00 $ 159,728,216.00
Actual PILOT from 904&905Actual PILOT from 904&905 $ 10,383,022.00 $ 10,383,022.00
Percentage: PILOT to TaxesPercentage: PILOT to Taxes 6.50%6.50%
LOST TAX REVENUE:LOST TAX REVENUE: $ $
149,345,194.00 149,345,194.00
FY 2004 Boston City FY 2004 Boston City BudgetBudget
ExpendituresExpenditures
LibraryLibrary
Health Ins.Health Ins.
State State AssessmentAssessment
FireFire
PolicePolice
ElectionElection
ParksParks
Public WorksPublic Works
Public HealthPublic Health
Debt ServiceDebt Service
PensionPension
23 M23 M
125 M125 M
67 M67 M
131M131M
210 M210 M
2.6 M2.6 M
12 M12 M
7.7 M7.7 M
58 M58 M
126 M126 M
135 M135 M
RevenuesRevenues
Property taxProperty tax
State aidState aid
Licenses, fees,Licenses, fees,
Fines, permits, Fines, permits, 121A 121A paymentspayments
ExcisesExcises
PensionPension
reimbursement reimbursement
59.9%59.9%
20.6%20.6%
RemaindeRemainderr
Boston’s Property Boston’s Property Tax Crisis: Other Tax Crisis: Other
ExemptionsExemptionsChapter 121 AChapter 121 A
Chapter 40 Q – “DIF”Chapter 40 Q – “DIF”
Chapter 40 R – Housing Chapter 40 R – Housing “TIF”“TIF”
Chapter 121 AChapter 121 A M.G.L. Ch 121A Provides for the creation of:M.G.L. Ch 121A Provides for the creation of: Single purpose, project specific, private Single purpose, project specific, private
URBAN RENEWAL CORPORATIONS.URBAN RENEWAL CORPORATIONS. Undertake residential, commercial, civic, Undertake residential, commercial, civic,
recreational, historic or industrial projects in recreational, historic or industrial projects in decadent, substandard or blighted open decadent, substandard or blighted open areas.areas.
Exemption from real and personal property Exemption from real and personal property taxes, betterments and special assessments.taxes, betterments and special assessments.
Allows private developers to exercise Allows private developers to exercise EMINENT DOMAIN in specified EMINENT DOMAIN in specified circumstances.circumstances.
Chapter 121 AChapter 121 A
121 A Agreements are used to 121 A Agreements are used to encourage:encourage: Development in places with high Development in places with high
property tax ratesproperty tax rates Development in areas that are Development in areas that are
minimally marketable as locations for minimally marketable as locations for private investmentprivate investment
Development of housing for low and Development of housing for low and moderate income familiesmoderate income families
Chapter 121 AChapter 121 A
Duration of 121 A AgreementsDuration of 121 A Agreements:: Minimum of 15 yearsMinimum of 15 years Subsidized low-mod income housing – 40 Subsidized low-mod income housing – 40
yearsyears May be extended up to an additional 25 May be extended up to an additional 25
years if developer offers “amenities”years if developer offers “amenities” Handicapped FacilitiesHandicapped Facilities Employment of minorities or neighborhood Employment of minorities or neighborhood
residentsresidents Preservation of open spacePreservation of open space Rehabilitation of historic buildingRehabilitation of historic building
Chapter 121 AChapter 121 A
SUBSTITUTE PAYMENTS IN LIEU SUBSTITUTE PAYMENTS IN LIEU OF TAXES: 3 TYPES REQUIREDOF TAXES: 3 TYPES REQUIRED Minimum Statutory PaymentMinimum Statutory Payment – Paid to – Paid to
MASS DORMASS DOR Negotiated PaymentsNegotiated Payments – Paid to – Paid to
MUNICIPALITY (“Section 6A Agreements”)MUNICIPALITY (“Section 6A Agreements”) Excess Income PaymentExcess Income Payment – Excess profits, – Excess profits,
after payment of 8% ROI and all eligible after payment of 8% ROI and all eligible expenses. Paid to MUNICIPALITY, up to expenses. Paid to MUNICIPALITY, up to property tax level.property tax level.
Chapter 121 AChapter 121 A
PROPERTY THAT IS UNDER A PROPERTY THAT IS UNDER A 121A AGREEMENT DOES NOT 121A AGREEMENT DOES NOT HAVE ITS VALUE COUNTED IN HAVE ITS VALUE COUNTED IN ASSESSMENTS OF MUNICIPAL ASSESSMENTS OF MUNICIPAL LAND.LAND.
Chapter 121 AChapter 121 A
CHANGES and TERMINATIONSCHANGES and TERMINATIONS Material Changes require written Material Changes require written
amendments to agreementsamendments to agreements Change in ownershipChange in ownership: Permitted. : Permitted.
Requires assumption agreement by new Requires assumption agreement by new owner. Not automatic.owner. Not automatic.
TerminationsTerminations: : ForeclosureForeclosure In accordance with the terms of the 6A In accordance with the terms of the 6A
AgreementAgreement
Chapter 121 A Chapter 121 A DevelopmentsDevelopments
WORLD TRADE CENTER EXPANSIONWORLD TRADE CENTER EXPANSION 19961996 SEAPORT HOTELSEAPORT HOTEL Two Office TowersTwo Office Towers
SOUTH BOSTON WATERFRONT HOTELSOUTH BOSTON WATERFRONT HOTEL 20022002 Marriott HotelMarriott Hotel
FLEET CENTERFLEET CENTER 1992 1992 LANDMARK CENTERLANDMARK CENTER 1996 1996
Cinema, office, retail, parkingCinema, office, retail, parking
Chapter 121 A Chapter 121 A DevelopmentsDevelopments
Paine Furniture BuildingPaine Furniture Building – Arlington – Arlington St. 1998St. 1998 New office tower and redevelopment of New office tower and redevelopment of
PainePaine Lafayette MallLafayette Mall – Downtown Crossing – Downtown Crossing
19971997 Redevelopment for office and commercialRedevelopment for office and commercial
Macy’s – Downtown CrossingMacy’s – Downtown Crossing 1999 1999 Combined retail and other commercial useCombined retail and other commercial use
Chapter 121 A Chapter 121 A DevelopmentsDevelopments
Allston Landing/Genzyme CorpAllston Landing/Genzyme Corp. 1992. 1992 One Beacon Street/PrudentialOne Beacon Street/Prudential 1969 1969 Egleston CenterEgleston Center, J.P. 1995, J.P. 1995 Brigham & Women'sBrigham & Women's Parking garage, Parking garage,
commercial and office space, materials commercial and office space, materials handling center, pedestrian park handling center, pedestrian park 19791979
MATEP, IncMATEP, Inc. – Longwood Medical Area . – Longwood Medical Area energy plant and related offices. energy plant and related offices. Harvard/Advanced Energy - 1977 Harvard/Advanced Energy - 1977
Chapter 121 A Chapter 121 A DevelopmentsDevelopments
POST OFFICE SQUAREPOST OFFICE SQUARE 1984 1984 Multi-level below grade parking facilityMulti-level below grade parking facility Surface parkSurface park
NEW BOSTON FOOD MARKETNEW BOSTON FOOD MARKET 19671967 Relocation of meat and food vendors Relocation of meat and food vendors
from Quincy Marketfrom Quincy Market
Chapter 121 A HOUSINGChapter 121 A HOUSING
88 Properties in Boston88 Properties in Boston 11,297 Apartments11,297 Apartments Many with Section 8 Project-based AssistanceMany with Section 8 Project-based Assistance Housing Developments assisted with 121A Housing Developments assisted with 121A
sometimes pay MORE than they would sometimes pay MORE than they would otherwise due to formula.otherwise due to formula.
CHAPTER 40Q – CHAPTER 40Q – “District “District
Improvement Improvement Financing”Financing”Eminent Domain; Tax Eminent Domain; Tax
Expenditure and Urban Expenditure and Urban RenewalRenewal
Chapter 40 Q - DIFChapter 40 Q - DIF
DISTRICT IMPROVEMENT FINANCE DISTRICT IMPROVEMENT FINANCE PROGRAMPROGRAM Enables municipalities to finance public Enables municipalities to finance public
works and infrastructure by pledging works and infrastructure by pledging future incremental taxes resulting from future incremental taxes resulting from growth within a designated area.growth within a designated area.
The incremental growth (“TAX The incremental growth (“TAX INCREMENT”) in taxes is set aside to INCREMENT”) in taxes is set aside to pay the debt or bonds used to finance pay the debt or bonds used to finance the new construction. the new construction.
Chapter 40 Q DIFChapter 40 Q DIFKEY HIGHLIGHTSKEY HIGHLIGHTS
DIF creates a district as small as one DIF creates a district as small as one parcel, or AS LARGE AS 25% OF THE parcel, or AS LARGE AS 25% OF THE MUNICIPALITY.MUNICIPALITY.
DIF allows eminent domain to acquire DIF allows eminent domain to acquire private property for resale to a private property for resale to a developer.developer.
DIF is NOT exempt from Prop 2 ½ levy DIF is NOT exempt from Prop 2 ½ levy limitslimits
The bonds issued to support construction The bonds issued to support construction in a DIF district may be secured by in a DIF district may be secured by allall of of the city revenue!the city revenue!
Chapter 40 Q DIFChapter 40 Q DIFKEY HIGHLIGHTSKEY HIGHLIGHTS
DIF does not increase taxes, but it DIF does not increase taxes, but it freezes the assessment of the freezes the assessment of the designated district for up to THIRTY designated district for up to THIRTY YEARS.YEARS.
Any increase in value is “captured” and Any increase in value is “captured” and utilized to pay off the district debt. DIF utilized to pay off the district debt. DIF is a “Tax expenditure”.is a “Tax expenditure”.
If the costs to operate the city rise over If the costs to operate the city rise over 30 years, the DIF district will only 30 years, the DIF district will only contribute at the “frozen” level – the contribute at the “frozen” level – the original assessment..original assessment..
Chapter 40Q - DIFChapter 40Q - DIF
The Pittsburgh ExperienceThe Pittsburgh Experience:: $138 MN tax increment financing $138 MN tax increment financing
project to renovate a department store project to renovate a department store and create office space. and create office space.
The resulting increase in value: The resulting increase in value: Only Only $38MN$38MN. .
TAX PAYERS HAD TO PAY THE TAX PAYERS HAD TO PAY THE $100MN DIFFERENCE FROM $100MN DIFFERENCE FROM GENERAL REVENUES.GENERAL REVENUES.
Chapter 40R – Urban Ctr Chapter 40R – Urban Ctr Housing Zones – Tax Housing Zones – Tax Increment FinancingIncrement Financing
Regulations are currently being Regulations are currently being drafted.drafted.
As with District Improvement As with District Improvement Financing – the district tax base will Financing – the district tax base will be frozen and the revenue resulting be frozen and the revenue resulting from increases in value will be from increases in value will be diverted to pay bonds.diverted to pay bonds.
Another form of tax expenditure.Another form of tax expenditure.
SOLUTIONS?SOLUTIONS?
Residential vs. Commercial – Residential vs. Commercial – Only half the storyOnly half the story
Residential + Commercial + Residential + Commercial + Industrial vs. EXEMPT – The Industrial vs. EXEMPT – The real story.real story.
SOLUTIONS?SOLUTIONS?
Issue of Fairness in Payments from Issue of Fairness in Payments from the Commonwealththe Commonwealth
Issue of Fairness in Payments from Issue of Fairness in Payments from Users of ServicesUsers of Services
Increased scrutiny of tax exempt Increased scrutiny of tax exempt holdings and their relation to the holdings and their relation to the mission of the exempt owner.mission of the exempt owner.
Repeal of DIF, TIFRepeal of DIF, TIF