"ICSC believes that all goods, regardless if they are purchased over the Internet, via catalog or in traditional retail stores, should be subject to the same state and local taxation requirements," Bucksbaum told Congress.

Congress has imposed a moratorium on Internet taxes, which is due to expire in October of next year. And a Supreme Court ruling has held that remote merchants are not required to collect state or local taxes in places where they have no physical presence. Bucksbaum, and other shopping center owners, are urging Congress to pass legislation that requires states and localities to collect taxes from remote retailers.

Seperately, Bucksbaum told Globest.com that he sees further consolidation ahead for the shopping center REIT sector in the wake of last week's mega-acquisitions. Rodamco agreed to a deal valuing Urban Shopping Centers at $3.4 billion, while CBL Associates Inc. acquired the shopping center asserts of Richard E. Jacobs Group for $1.225 billion.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.