Legal Alert: GPLET Legislative Changes
Legislative Changes to Government Property Lease Excise Tax (GPLET) Require Quick Action on Proposed Development
May 05, 2010
House Bill 2504 (the "Legislation"), which was adopted by the Arizona Legislature on April 29, 2010, and transmitted to Governor Jan Brewer on April 30, 2010, will modify the existing GPLET taxing structure of real property improvements. It is anticipated that Governor Brewer will not veto the Legislation and, therefore, the Legislation will become effective on July 28, 2010. The net effect of this Legislation is that it will significantly reduce the value of the GPLET structure for both governmental entities that want to facilitate economic development and the developers of any such Property. In order to benefit from the current (often referred to in this alert as the "prior") GPLET benefits, certain action must be taken before June 1, 2010.
Read the full article.
Read Bio
©2023 Snell & Wilmer L.L.P. All rights reserved. The purpose of this publication is to provide readers with information on current topics of general interest and nothing herein shall be construed to create, offer, or memorialize the existence of an attorney-client relationship. The content should not be considered legal advice or opinion, because it may not apply to the specific facts of a particular matter. As guidance in areas is constantly changing and evolving, you should consider checking for updated guidance, or consult with legal counsel, before making any decisions.
The material in this newsletter may not be reproduced, distributed, transmitted, cached or otherwise used, except with the written permission of Snell & Wilmer.