Low Income Housing?
Rozanne, err Taxanne Conlin --
"I'm running because I'm fed up with tax breaks for the very wealthy and bailouts on Wall Street."
Who does she consider to be the "very wealthy"?
I'm betting it's not someone, like her, with assets between $12.5 million and $46.8 million.
And the scientific community is united in that fact.
Included in those assets - a 5 year tax abated - 17 room, 7,268 total square foot tar paper shack with an assessed value of $1,785,900.
The Ragister reports --
Conlin's tax credits total $64.2 million in 19 years
When asked about the housing tax credits, Conlin said her opposition to tax benefits for the wealthy pertains primarily to the 2001 and 2003 income tax cuts.
She said there is a sharp difference between those tax cuts and the tax incentives she and her husband have used.
According to Joe Kristan, of the Tax Update Blog, the housing tax credit is really a credit for developers, who get free equity and lay the operational risk off on tax shelter investors, and the taxpayers.
Because these credits get allocated by the states (in Iowa, it's the Iowa Finance Authority), they go to well-connected people who know how to play the system - people like Conlin and Jack Hatch.
Conlin's projects are developed through Conlin Development, constructed by Conlin Construction, and long-term management is completed by Conlin Properties, Inc.
Kristan's conclusion -- You are subsidizing the Conlins of the world at the expense of the taxpayers and unsubsidized landlords.
posted by King of SNARK at 4:46 AM
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