Oppose SB-789's 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 several challenges that could negatively impact property owners and the broader economic landscape. The requirement for property owners to register and file detailed electronic returns imposes a significant administrative burden, particularly on smaller entities that may lack the resources to comply. This complexity could deter investment in commercial real estate, as the $5 per square foot tax on vacant properties adds substantial costs, especially in markets where leasing is already challenging. Moreover, the bill's enforcement measures, including severe penalties for misstatements, create an environment of fear and uncertainty. This could lead to over-compliance or avoidance strategies, further complicating the real estate market. The long intervals between mandated evaluations of the tax's economic impact may delay necessary adjustments, potentially prolonging any negative effects. While the bill aims to reduce commercial vacancies, its approach may inadvertently create barriers to property development and economic growth. I urge you to reconsider the implications of SB-789 and explore alternative solutions that support property owners and foster a healthy economic environment. Thank you for considering my perspective. Sincerely,