For years taxpayers who commuted to New York for work while owning a rarely used New York vacation home or pied-a-terre have been surprised to find themselves taxed as New York State and/or City residents. This often meant...more
Key Points - - New York lawmakers have reintroduced legislation that, if adopted into law, would make mezzanine and preferred equity financing subject to the mortgage recording tax. - The legislation would also...more
In This Issue. The Chairman of the U.S. Securities and Exchange Commission (the SEC), Gary Gensler, issued a statement on the application of the proxy rules to proxy voting advice directed to the SEC staff to consider whether...more
Key Points - - Proposed taxes on mezzanine and preferred equity financing, and a tax on high-value second homes in New York City (commonly known as a “pied-à-terre” tax), were not included among the revenue-raising...more
Key Points - - New York State lawmakers, who are looking to make up the gap in the state's annual budget, are considering proposals for nearly $7 billion in tax hikes in a package that includes taxes on mezzanine and...more
The residential market has attracted a huge amount of attention and pledges of reform from all sides of the house. There has been a constant stream of consultation on both long leaseholds and short term lets. ...more