Topics

Intrawest Corporation
It's time to close a big tax loophole for businesses
It's time to close a big tax loophole for businesses

Of all the ways in which California residents have slit their fiscal throats over the last 30 years, surely the most inexplicable is the bestowal of a gaping tax loophole on commercial and industrial property owners. The culprit, no surprise, is that 31-year-old wolf in sheep's clothing, Proposition 13, which prohibits the reassessment of any property except at the time of a change in ownership. A sale is a pretty straightforward transaction for a home. That's not the case for commercial or industrial property, where a sale can be disguised in an almost infinite number of ways. "The whole system is completely unenforceable," says Lenny Goldberg, a Sacramento lobbyist...

Loading