Oppose SB-789: Reject harmful vacancy tax on properties

Subject: Oppose SB-789: Addressing the Burden of Vacancy Tax on Commercial Real Property

My name is [Full Name], and I am writing to express my opposition to SB-789, the proposed vacancy tax on commercial real property. As a concerned constituent, I believe this bill presents significant challenges and unintended consequences that could negatively impact our community. The requirement for property owners to register and file detailed electronic returns imposes a substantial administrative burden, particularly on smaller property owners who may lack the resources to comply with such complex regulations. This could discourage investment in commercial real estate, especially in economically struggling areas, where the financial strain of a $5 per square foot tax could be particularly burdensome. Moreover, while the bill aims to generate revenue for first-time home buyer assistance, it fails to address the potential negative economic impacts, such as reduced property investments and increased vacancies. The severe penalties for violations, including a civil penalty of up to 75% of the taxes owed, create a punitive environment that could further deter property development and investment. In conclusion, I urge you to reconsider the implications of SB-789. The administrative complexity, financial burdens, and uncertain economic benefits highlight the need for a more balanced approach that supports both property owners and community development. Thank you for considering my concerns. Sincerely,