GPLETGovernment Property Lease Excise Tax (Arizona)
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The 2018 state legislative session was very productive for the commercial real estate industry.<br />The biggest victory was a grand compromise on GPLET (Government Property Lease Excise Tax) reform.
However, Skinner wrote that the citys agreement with the developer of the new Bank of the West branch in Tempe may violate state statute because the ordinance adopted by the Tempe City Council does not identify what site was being approved for a future GPLET lease.
Why we are pondering Last year, a consensus bill (HB2213) was passed at the Arizona Legislature to further reform the Government Property Lease Excise Tax (GPLET) because an Auditor Generals report found significant non-compliance with the initial reform from seven-plus years ago.