New York lawmakers are set to approve a new tax on second homes to raise $500 million for New York City after weeks of debate between city and state officials over how to structure it.
The second tax on New York City getaways worth more than $5 million is scheduled for a vote in the state Senate and Assembly on Wednesday. The levy is expected to affect roughly 10,000 properties, according to city estimates, and takes effect July 1.
The measure (A10009C) also extends the state’s top corporate tax rate of 7.25% through 2029. It imposes a 75% ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.