The real estate industry may be the single biggest beneficiary of tax credits, carve-outs and subsidies on the federal and state level.
Realtors, developers and mortgage bankers dig in deep every time a tax reform is on the table, because they have the most special carve-outs to protect, including the mortgage-interest deduction, first-time homebuyer credits, even the carried-interest situation.
Over in Indianapolis, a different developer is catching some attention for his business ambitions and his political aggressiveness. The Indiana Business Journal tells the story of Ersal Ozdemir, "master of public subsidy."
Ersal Ozdemir regaled state legislators in recent weeks with his pitch to capture tax revenue to finance an $87 million downtown soccer stadium. ...
His networking helped yield millions of dollars in subsidies for his developments in Indianapolis and Carmel, legislation tailor-made to save him property taxes, designation as a minority business enterprise that appears to stretch statutory definitions, and more than $4 million in federal stimulus funds to develop dozens of rental properties he owns outright.
“He’s the master of public subsidy — getting public dollars into projects,” said a former high-ranking Keystone employee who spoke with IBJ on condition of anonymity. “But he wants everything to be completely closed book. His experience tells him you can do both.”
Right-leaning blog Advance Indiana has been critical of Ozdemir for a while. They have harsher words about the developer, whom they say "has seized control of the Marion County Republican Party."