Archive for August, 2013
The NAIOP Triad Chapter held its monthly luncheon at Starmount Country Club in Greensboro, NC. Sixty attendees came to see Dan Lynch, President of the Greensboro Economic Development Alliance discuss economic development in the Triad. Dan touched on current and future projects and discussed the impact on Greensboro. Thank you to our event sponsors, Carolina Investment Properties and CBRE.
NAIOP Sees Success in NC Reform Bills
Late last month, Governor Pat McCrory of North Carolina signed into law historic tax reform legislation overhauling the state’s tax code in an effort to create a more inviting business environment, generate job growth and improve the state’s economic ranking. From the beginning, NAIOP supported the state’s tax reform effort in order to spur growth and private sector investment, yet cautioned that legislation should be developed and implemented in a prudent, sound manner to ensure meaningful reform is achieved. Specifically, NAIOP North Carolina supported lowering the corporate and personal income tax, and the collection of existing sales and user taxes from E-commerce transactions.
As the bill wound its way through a year of planning and back-and-forth negotiations, NAIOP North Carolina stepped up its strategic advocacy campaign, educating lawmakers about key measures of the bill that would create a negative impact on the commercial real estate industry. Members of NAIOP Charlotte, Piedmont Triad and Research Triangle conducted Capitol visits and submitted comments, and in the end, the legislation signed into law was stripped of the burdensome Franchise Tax while lowering the personal income and corporate tax rates to 5.75% and 5%, respectively, in 2015.
On the regulatory side, NAIOP called for periodic review of existing state laws and elimination of the Protest Petition in local rezoning. Passed by the House of Representatives, unfortunately, the protest provision was omitted from the final version by Senate leadership.“Although some of NAIOP’s legislative objectives in North Carolina have not come to fruition this year, our main goal was to create an environment where North Carolina could become more competitive with its neighboring states, and these tax and regulatory reform measures are a good first step to accomplishing that,” said Toby Burke, NAIOP’s Senior Director of State and Local Affairs.
Be sure to check out the Up-Close Article of NAIOP Triad Member Doug Stimmel, Stimmel Associates PA in this week’s issue of the Triad Business Journal.
Click here to read the article.