Matt Peters on EIT, RE Tax, & LERTA
This 15-minute podcast features excerpts from a July 10, 2020, Newtown Business Association “Coaches on Couches With Coffee” Facebook Live presentation by Matt Peters - owner and operator of Weed Man USA of Newtown and co-chair of the Newtown Township Economic Development Committee.
Matt talks about Earned Income Tax (EIT) versus “Real Estate” or “Real Property Tax”. He also talks about the Local Economic Revitalization Tax Assistance Act (LERTA) as a means of attracting new business to Newtown.
A very informative presentation to which John Mack added some comments and clarifications.
EDC on LERTA
At the July 2, 2020, Zoom meeting of the Economic Development Committee (EDC), members Karen Miller, co-president of the Newtown Business Commons Association, and Joseph Blackburn, an Associate with Wisler Pearlstine, proposed ways that the township can revitalize the Newtown Business Commons, which is zoned for light industrial and office use. This is especially important after COVID-19 restrictions are lifted and businesses get up and running again but find that more workers can work at home and they no longer need as much office space.
One specific suggestion was to apply under the Local Economic Revitalization Tax Assistance Act (LERTA) to lower real estate taxes for businesses in the Commons. Other local municipalities are using this tool to revitalize their business districts (read, for example, "Northampton Extends LERTA Tax Break Program for Businesses" - see story embedded below).