Tax Snafu Could Cost Richmond, Va., Theater Group $1.75-Million – Philanthropy Today - Blogs - The Chronicle of Philanthropy: "A Richmond, Va., performing-arts organization is asking the city for a $1.75-million infusion to pay an unexpected tax bill arising from its use of a dedicated for-profit entity on renovation projects, reports the Richmond Times-Dispatch. Richmond Performing Arts Center said it anticipates getting the bills next year on the city-owned Altria Theater and Richmond CenterStage.
The center, which operates the two venues, created a business called RPAC Inc. to take advantage of historic tax credits for work on the two buildings but apparently failed to take into account a state law requiring companies to pay real estate taxes on leasehold interests in publicly owned properties that would otherwise be tax-exempt."
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