PARIS-Ile-de-France commercial property body ORIE will continue to push for an alternative to the capital gains tax adopted by the French parliament as the way of financing the Grand Paris urban renewal plan, and hopes to use a government review in 2013 to make the case for a more efficient financing solution.

The capital gains tax plan was included in the law on Grand Paris adopted in late May that took effect on 3 June. It provides for a capital gains tax on property that increases in value as a result of new transport networks created through the Grand Paris plan. For buildings or land within 800 meters of a station, a tax of 15% will be payable to the central government to finance the Soci