Archive for August, 2013


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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.

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On Thursday, August 15, 2013 NAIOP Research Triangle held its monthly breakfast meeting at the NC Museum of Art.  Over 80 Commercial Real Estate Industry representatives came to hear Andy Andrews, CEO of Dominion Realty Partners discuss the Charter Square Tower. The future Class A office tower is designed to achieve Platinum LEED certification, the highest designation wiithin the internationally recognized green building program. 11 stories and 225,000 rentable sq ft of commercial space and will feature on-site security, card access control systems, an outdoor plaza courtyard, direct underground parking and an on-site restaurant. Andy gave NAIOP a preview of the building’s layout and discussed the tower’s positive impact on downtown Raleigh.

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