The Agenda: Local government briefs for 5.24.21 - RichmondBizSense

The Agenda: Local government briefs for 5.24.21 - RichmondBizSense


The Agenda: Local government briefs for 5.24.21 - RichmondBizSense

Posted: 23 May 2021 11:23 PM PDT

The old Southern States silos would be razed to make way for a proposed mixed-use development up to 20 stories tall if the City Council approves rezoning. (BizSense file)

Budget hearing and vote, Southern States silos rezoning on city agenda

The Richmond City Council meets in regular session at 6 p.m. Monday. Full agenda available here.

A final public hearing will precede a potential vote on the proposed budget for fiscal year 2022. Mayor Levar Stoney has proposed a $770.3 million budget with no increases in real estate, personal property or other general taxes. More on the proposed budget is available here.

Other business on the agenda includes a special-use permit request for Trapezium Brewing Co.'s planned offshoot location in the former Richmond Association of Masonic Lodges building at 520 N. 25th St.

Hourigan seeks a rezoning for a multifamily housing development that would replace the Southern States silos at 2-4 Manchester Road. WVS Cos. seeks a rezoning for a site it owns at 4401 E. Main St., where it's planning a six-story mixed-use building with 203 apartments.

Zach Kennedy is requesting a special-use permit for a mixed-use building with 12 apartments at 1005 Westover Hills Blvd. A TOD-1 rezoning requested for a half-acre plot at 1801 E. Main St. that changed ownership in November is to be continued to June 14.

The council also intends to declare surplus and direct the sale of 15 parcels of city-owned real estate to the Maggie Walker Community Land Trust, which manages the Richmond Land Bank. The parcels would be sold for $1 each and are separate from 36 parcels earmarked for the nonprofit in the city's recently approved real estate disposition plan.

The Chesterfield Planning Commission voted to recommend a proposal to build 210 townhomes at Westchester Commons Shopping Center. (Courtesy of Chesterfield County)

Planning Commission backs 210 townhomes at Westchester Commons

Chesterfield County planners voted last week to recommend a proposal to add townhomes at Westchester Commons Shopping Center.

The townhomes would be built on 13.5 acres near the Target-anchored shopping center's Gold's Gym and Bank of America locations. The 210-unit development would be called Westchester Towns.

The proposal, filed by Westchester Towns Development Company LLC, is an amendment to a previous zoning and conditional-use planned development case. Next stop for the proposal is the Board of Supervisors, which will weigh final approval.

The commissioners also voted to recommend zoning amendments to The Lake mixed-use development to pave the way for additional residential units and a surf pool. The 105-acre property is located near Clover Hill High School. The amendments will need final approval by supervisors at a future meeting.

Petersburg hires Turille as city manager

Stuart Turille Jr.

The Petersburg City Council voted unanimously to hire Stuart Turille Jr. as Petersburg's next city manager effective July 1.

Turille is currently a deputy county administrator with Essex County, Virginia, where he has worked since October 2018.

His responsibilities there have included economic development, strategic planning, budget and capital improvement programs, grants and risk management.

Turille previously has worked as town manager for North Topsail Beach, North Carolina, and town administrator for St. Pauls, North Carolina.

Turille replaces Aretha Ferrell-Benavides, who resigned in February to take a job as city manager of Duncanville, Texas.

55-home subdivision on Chesterfield supervisors' agenda

Chesterfield supervisors meet in regular session at 6 p.m. Wednesday. Business on the agenda includes a rezoning request from Lifestyle Builders & Developers Inc. for a 55-home subdivision on 20 acres at 3507 Wyntrebrooke Drive. Full agenda here.

Financing for 350-unit Laurel Park redevelopment on Henrico agenda

Henrico supervisors meet in regular session at 7 p.m. Tuesday. Full agenda here.

Business includes a board determination for Virginia Housing financing of the proposed redevelopment of Laurel Park Shopping Center, which is planned for 350 apartments and 12,000 square feet of retail space. The financing would require at least 20 percent of the apartments to be designated for households earning 80 percent or less of the county's median income.

Biden's capital gains tax hike proposal faces Democratic headwinds - Fox Business

Posted: 20 May 2021 07:51 AM PDT

The Biden administration's push to dramatically increase tax rates on inherited wealth is running into some roadblocks with Democrats on Capitol Hill, potentially imperiling a key part of the president's funding plan. 

To pay for the American Families Plan – a $1.8 trillion measure that would make massive investments in the nation's social safety net – President Biden has called for nearly doubling the capital gains tax rate to 39.6% from 20%, restoring the top individual income tax rate to 39.6% and eliminating the so-called "step-up" basis. 

Under current law, when heirs inherit an asset that has appreciated in value, they get a "step-up" in basis, meaning they receive the holding at its current market value. Beneficiaries can sell those assets and pay capital gains based only on the time they receive the asset and the time they sold it, allowing them to minimize the tax penalty.

WHAT BIDEN'S CAPITAL GAINS TAX PROPOSAL COULD MEAN FOR YOUR WALLET

But Biden wants to close that loophole – raising concerns among some members of his own party. 

Instead of hitting heirs with a substantial tax bill when they inherit the assets, staff for House Ways and Means Chair Richard Neal have suggested the beneficiaries could defer the payment as long as they hang on to the asset, according to Bloomberg News, citing people familiar with the matter.

Congress estimates that stepping up the basis of inherited assets costs the government about $43 billion a year. Eliminating the practice – coupled with raising the top statutory rate on capital gains from 20% to 39.6% – would generate an estimated $372.7 billion in new revenue over the next decade, according to recent findings from the Urban-Brookings Tax Policy Center.

But the proposal floated by Neal's office would give beneficiaries of large estates the incentive not to sell, meaning that closing the loophole would generate less money for Biden's families plan. 

PELOSI OPENS DOOR TO LIFTING SALT TAX CAP IN BIDEN'S $2.25T SPENDING BILL

The money would go toward funding a massive expansion of the social safety net, including establishing universal pre-kindergarten, free community college, paid family leave and tax credits for low- and middle-income households.

"While the headline tax rate increase to 39.6% will catch eyes, the magnitude of the tax increases proposed on wealthy individuals is really in the details," said Brad Sprong, partner and private enterprise tax leader at KPMG. Sprong said the elimination of the "step-up" in basis at death would have a "substantial impact" on individuals, resulting in a tax rate of nearly 65% for the richest Americans. 

Some of Biden's other tax proposals are also facing opposition from Democratic lawmakers. That includes his plan to raise the corporate tax rate to 28% from 21%, reversing part of Republicans' 2017 tax overhaul. 

Sen. Joe Manchin, D-W.Va., has said that 28% is too high and could hurt American competitiveness. He suggested the package could be paid for by boosting the corporate rate to 25% and closing tax loopholes used by wealthy Americans to dodge taxes.

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"As this bill exists today, it needs to be changed," he said during a radio interview with West Virginia MetroNews in April. "Bottom line is, that's what legislation is all about. This bill will not be in the same form you've seen introduced or seen people talking about."


 

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