Optimistic Projections for the 2024 U.S. Economy are based on multiple factors. The U.S. economy appears to be on a much stronger trajectory for 2024 than previously anticipated by business economists, with the National Association for Business Economics (NABE) projecting a growth rate of 2.2% after inflation adjustments, up from earlier predictions of 1.3%. Despite…
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Business Rent Tax Elimination is Good for Florida
A study about Business Rent Tax Elimination conducted by the Regional Economic Consulting Group indicates that abolishing Florida's Business Rent Tax (BRT), commonly known as the sales tax on commercial leases, could lead to significant economic benefits for the state. Commissioned by Florida Realtors®, the study suggests that an investment of $976.8 million to eliminate…
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Distressed Commercial Real Estate is Attractive to Buyers with Abundant Cash Resources
Regional banks and lenders fret over commercial real estate volatility, while investors eye distressed properties. Preqin data show $544 billion in cash reserves held by global real estate funds managed by private equity firms, up from $457 billion in 2022. Rising debt-service costs pressure office, hotel, and apartment owners, with distress in commercial properties reaching…
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Commercial Lease Tax Cuts to Arrive Early in June 2024
Florida may see an earlier reduction in the state tax on commercial leases, expected in June instead of August 2024. These Commercial Lease Tax Cuts, hastened by the quicker-than-anticipated replenishment of the state's Unemployment Compensation Trust Fund to $4 billion, will lower the lease tax from 4.5% to 2.0%. This reduction, part of a 2021…
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