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Commercial real estate industry secures major wins in 2018 session

The biggest victory was a grand compromise on GPLET (Government Property Lease Excise Tax) reform. A unanimous deal was struck between developers, cities and tax watchdogs on the long-term retention of the 8-year property tax abatement and narrowing the application in the future to a capped land mass contained in a central business district (CBD) within a city. HB2126 passed virtually unanimously and was signed into law by Gov. Doug Ducey on April 17. The Arizona Multihousing Association, a key coalition partner with CRE, also played an instrumental role in advancing the compromise by proposing land mass percentage boundaries for a CBD, rather than dwelling on subjective “slum” and “blight” definitions in the eyes of the beholder.

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