FOR IMMEDIATE RELEASE 11-14-2022
CONTACT: Burt Peretsky, <peretsky@gmail.com>, 781-696-5579
New England Legal Foundation (NELF), In a Brief Filed With the State’s Highest Court, Defends Tax Exemptions Associated with Urban Renewal Projects
BOSTON – The New England Legal Foundation (NELF-www.newenglandlegal.org), the leading non-profit public interest law firm in the region, has filed an amicus, friend-of-the-court, brief before the Massachusetts Supreme Judicial Court (SJC) opposing capital gain taxes associated with urban redevelopment projects.
In the NELF amicus brief in the SJC case of James and Irene Reagan v. the Commissioner of Revenue, Foundation President Daniel Winslow and NELF Of Counsel Karen A Pickett argue that “The Appellate Tax Board may not Impose an Income tax on the capital gain from the sale of an urban redevelopment project undertaken pursuant to Massachusetts state law.” The brief adds, “The plain language of the statute, G.L. C. 121A, exempts income tax on the capital gain from the sale of a Chapter 121A project … and no tax is due.”
As the brief was being filed, Attorney Pickett pointed out,”The language of the statute makes clear that the Legislature wished to encourage private investment into blighted areas because the Legislature recognized governments could not solve the problem. As an ‘aid’ to such private investment, the Legislature expressly exempted certain state tax payments in exchange for the investors’ undertaking of other responsibilities and payments.”
NELF President Winslow added, “The Legislature intended to harness the power of the private sector to help solve problems of urban decay. We hope that the Court embraces the plain language of the statute to give effect to that express intent rather than allowing an unelected agency to derail this important objective.”
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About the New England Legal Foundation
The New England Legal Foundation (NELF – www.newenglandlegal.org) is the leading non-profit public interest law firm in the region dedicated to addressing issues of law and policy related to free enterprise. NELF’s ongoing mission is to champion individual economic liberties, property rights, limited government based on rule of law, and inclusive economic growth. NELF challenges actions by governments and special interests which would unreasonably intrude on the economic freedoms of individuals and business enterprises in New England and the nation. We believe that economic liberty is fundamental to a democratic society and offers the most sustainable path to advance the American ideals of life, liberty, and the pursuit of happiness.
Burt Peretsky
www.peretsky.com 781-696-5579