Revamped Calif. Property Tax Plan Still Stoking DissentApril 29, 2020 – Media Mention
Greenberg Glusker partner, Skip Kessler, spoke with Law360 to discuss the California ballot measure that would change the taxation of commercial and industrial properties and the proposal by the measure's supporters to exempt small businesses.
"We are all concerned. It's a sea change in investment real estate," said Warren Kessler, a tax partner at Greenberg Glusker Fields Claman & Machtinger LLP who specializes in complicated real estate transactions and who represents large real estate portfolio owners. "This is a really hot topic for my client base in California. This is not some obscure thing."
Moreover, the exemptions for small businesses will lead to disputes about which properties qualify, Kessler told Law360. And those exemptions may not work as intended, because they also will lead immediately to planning opportunities, Kessler said.
For example, he said, a client might have multiple limited liability companies and each might have real estate holdings under $3 million, but if aggregated, the holdings would total more than $3 million.
Read the full article on Law360 >> (subscription required)