Word: tax-exempt
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According to the report, the major source of growth last year came from private foundations, which are nonprofit groups that must pay out about 5 percent of their assets to maintain their tax-exempt status...
...City Council voted unanimously Monday night to create just such a subcommittee. The new body, to be made of up of five city councillors and chaired by Councillor David P. Maher, will primarily discuss long-range planning, including development issues and how universities compensate the city for their tax-exempt status...
...Tax-exempt non-profit institutions, such as universities and hospitals, own 51 percent of Boston real estate, significantly shrinking the city’s tax base. Harvard now owns more property in Boston than it does in Cambridge, even without including Harvard’s many affiliated hospitals and research institutions...
...sympathize with the Watertown schoolchildren whose education might suffer due to the Arsenal purchase. It’s not their fault that the city’s tax base is small. But at the same time, it’s hard to see why Harvard should be obliged to pay what it doesn’t owe. The tax laws of the U.S. government and each of the 50 states give tax-exempt status to many non-profits. They do so because we consider charitable, educational, scientific or religious institutions to serve a valid purpose and to contribute to society...
...bill sponsored by Rep. Rachel Kaprielian (D-Watertown) that would allow a city to collect property taxes when a non-profit purchases more than 2.5 percent of the tax base. The bill would discourage the founding of large charitable institutions in Massachusetts or the expansion of old ones, and all in all it’s a terrible idea. What the state government should be considering instead is a bill that would reimburse municipalities for the losses that large tax-exempt institutions create. That way, the reward for charitable work is preserved without placing a truly unequal burden on small...