Funding Miami Dolphins’ Stadium a Lose-lose Prospect for International Banks

by Isaac Benmergui, Esq on April 29, 2013

ASU staduimA bill that would remove a tax exemption from international banking is currently working its way through the Florida legislature. If the measure passes, an industry with a history of job creation and economic boom to the local and state economy could be crushed simply by a sports team wanting to improve its playing field and stadium.

Back in 1984 Florida amended its tax statutes to give a corporate income tax exemption for income generated from a singular type of international banking activity. The exemption was for “eligible net income from an international banking facility,” and it created an incentive for banks to locate their international banking offices within the state and remain competitive with 11 other states, including New York, which also had and still has similar tax exemptions.

Backers of the stadium legislation want to vacate the tax exemption in order to generate revenue for stadium renovations. Analysts contend that the recovering Miami-Dade real estate market owes much its health to international buyers working closely with their international bankers and that any change in tax exemptions could undercut that growth.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

 

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