Posted in Business & Corporate Law,Real Estate Law,Tax Law & IRS Defense

A legislative bill was recently enacted that may reduce the sales tax rate on commercial leases to 2%. The timing of the decrease depends on the economic recovery of the unemployment compensation trust fund. Once this balance has reached its pre-pandemic level, the sales tax rate will adjust. You may need to periodically consult with your accountant to determine the current tax rate since it is contingent upon the amount in the employment compensation trust fund.