For not-for-profit entities (NFPs), payments in lieu of taxes (PILOT) are amounts paid to a state or local government in place of taxes, most commonly property taxes. At issue are the vast amounts of land owned by universities, hospitals, churches, and other NFPs. The tax-exempt status granted to these entities by the IRS means that property taxes that would have been paid to municipalities had this land been owned by private individuals or companies are not collected. Municipalities use PILOT
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What nonprofits should know about payments in lieu of taxes (PILOT)
Dec 31, 2018 · 2 min read
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