Capital Gains Tax on Investment Property to Increase in 2013

An article published by Morgan Stanley Smith Barney in March 2012, Tax Moves to Consider Now discusses the low likelihood of Congress extending the Bush tax cuts which will expire on December 31, 2012.

Beginning in 2013, the capital gains tax on investment income (including investment property) will increase from 15% to 20% with an additional tax of 3.8% on families with a total income above $250,000.  This means private investors that sell real estate for a profit in 2013 and beyond will most likely pay up to 58% additional tax on their capital gains versus 2012.

For more information, please contact Adam Marshall, amarshall@ngkf.com, 773.957.1428

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Elgin O’Hare West Bypass Expressway Receives Funding

In June 2011, the Elgin O’Hare – West Bypass (EOWB) Advisory Council reached consensus to proceed with and fund the $3.4 billion  EOWB Initial Construction Plan.  Two months later, the Illinois Tollway Board of Directors adopted the 15-year, $12 billion capital program, Move Illinois: The Illinois Tollway Driving The Future, which commits $3.1 billion toward the $3.4 billion needed to begin building the EOWB as soon as 2013.

Now with final approval of the draft Economic Impact Statement anticipated by the end of 2012, the project is 91% funded.  The following construction timeline has been established:

2013-2015: Gary Avenue to west side of I-290

2015-2018: I-290 to west side of O’Hare

2018-2021: South from Thorndale to I-294

2021-2025: North from Thorndale to I-90

For more information, please contact Adam Marshall, amarshall@ngkf.com, 773.957.1428 

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Is the O’Hare Market Ready for Take-off?

Published in the December 2011 issue of Chicago Industrial Properties, Adam Marshall analyzes how air cargo volume at O’Hare International Airport can be used as a leading indicator for distribution space demand in this area and how the Chicago Federal Reserve Midwest Manufacturing Index is an important statistic to gauge local production which directly impacts the supply chain and movement of goods through the area:

CIP-Ohare Market Ready for Take-off

For more information, please contact Adam Marshall, amarshall@ngkf.com, 773.957.1428

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Illinois Tollway Board approves toll increase

On Thursday August 18th, the Illinois Tollway Board approved a $12 billion bond-financed capital plan that raises toll rates by over 87% effective January 1st, 2012.  The plan will allocate $8.32 billion for tollway improvements and $3.83 billion for new projects.  This toll increase will likely pay for construction of the Elgin O’Hare – West Bypass project.

For more information, please contact Adam Marshall, amarshall@ngkf.com, 773.957.1428

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Elgin O’Hare-West Bypass Advisory Council releases its Final Report

The Elgin O’Hare-West Bypass Advisory Council released its Final Report to Govenor Quinn outlining their key recommendations on how to move the project forward.  In regards to financing the project, the report states “It is the consensus of the Financing Working Group that tolling the Elgin-O’Hare Western Bypass/Access should be among the financial strategies considered for implementation of the project. Toll rates on the existing tollway system should be raised to levels consistent with national averages if raising toll rates will generate additional revenue to assist in providing funding for the Elgin-O’Hare Western Bypass/Access in its entirety.”

For more information, please contact Adam Marshall, amarshall@ngkf.com, 773.957.1428

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Energy Efficient Lighting Tax Deduction

LightingTaxDeduction.org provides information on the commercial building tax deduction that covers costs of installing energy-efficient indoor lighting systems, HVAC/hot water systems and building envelope features up to $1.80/SqFt for projects completed before January 1, 2014

For more information, please contact Adam Marshall, amarshall@ngkf.com, 773.957.1428

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Foreign Trade Zone (FTZ) benefits made easier

The U.S. Foreign Trade Zone (FTZ) Board recently adopted a proposal to make the Alternative Site Framework (“ASF”) program which will allow FTZ #22 (Illinois International Port District serving the Chicago area) to be faster and more efficient in their response to business needs for FTZ benefits.  Any qualified company in the defined service area can access FTZ benefits quickly and cost effectively by becoming a usage-driven site through a minor boundary modification.

For more information, please contact Adam Marshall, amarshall@ngkf.com, 773.957.1428

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