Finally, a tax incentive got too big for its britches, triggering a backlash.
The bloated incentive in question is the misnamed government property lease excise tax, or GPLET in tax wonk circles.
At root, GPLET is a fraud and an abuse.
Under the Arizona Constitution, government property is exempt from property taxes. With a GPLET, a developer pretends to convey its project to the city, removing it from the property tax rolls. The city then leases it back to the developer.