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Posts tagged as ALBANY

Albany reconsiders pied-à-terre tax, could tax real estate sales instead

The state is now considering a tax increase on real estate transactions instead, Politico reported, citing five sources close to the negotiations.One source said the pied-a-terre proposal isn’t dead yet but is “headed there.” Its not immediately clear what a change in real estate taxes would look like.Gov.
Andrew Cuomo continued to push for the pied-à-terre tax in a radio interview on Monday morning, but the tide appeared to have turned by Monday afternoon.Another source told Politico that the tax proved to be too “onerous,” and would further complicate New York Citys already convoluted property tax system.
A recurring topic in city and state politics, the idea of a pied-à-terre tax was put forward again this month as a way to fund the MTA, as it became clear that a plan to legalize and tax marijuana would not come together in time. Albany lawmakers already agreed to a congestion pricing plan on Monday, with revenues earmarked for MTA repairsThe pied-a-terre proposal was poorly received in the real estate world, with the Real Estate Board of New Yorks John Banks saying it would throw a huge wet blanket over the entire industry.

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