The IRE website will be unavailable while we complete routine maintenance on Friday, October 15 from 8-10 am CT.
IRE favicon

Critics seek to close tax loophole

Palm Beach Post reporter Jeff Ostrowski reports that "trophy properties" in Florida are changing hands, legally, for $10 and costing the state millions in tax revenue. Commercial property deals are being recorded as "transfers of assets" instead of actual sales. In the case of a $600 million property, 70 cents in taxes were collected as opposed to the $4.2 million which would have been generated by a proper sale. "In a unanimous ruling in 2005, the Florida Supreme Court called the practice of avoiding documentary stamp taxes legitimate, so long as the deals meet a few legal tests. But with state and municipal governments facing a budget squeeze, critics say lawmakers should close the loophole."

141 Neff Annex   |   Missouri School of Journalism Columbia, MO 65211   |   573-882-2042   |   |   Privacy Policy
crossmenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram