News & Analysis as of

Tax Exemptions New York

Tannenbaum Helpern Syracuse & Hirschtritt LLP

Estate Planning and Estate Administrations During Economic Downturns

In uncertain economic times, many individuals are concerned about the value of their investments, and for good reason. When the stock market dips or real estate prices fall, the effect isn’t just felt in personal investment...more

Harris Beach Murtha PLLC

New York Board Continues Quest to Calculate Value of Future Tax Savings

Harris Beach Murtha PLLC on

At its December 2024, quarterly meeting (the “Meeting”), the NYS Public Subsidy Board (the “Board”) continued its May 20, 2024, public hearing on calculating the value of future tax savings, such as tax abatements, tax...more

McDermott Will & Schulte

ITFA Is Alive and Well: New York Advisory Opinion Reaffirms Sales Tax Exemption for Internet Access Services

In its latest Advisory Opinion, TSB-A-24(4)S (June 26, 2024), the New York State Department of Taxation and Finance (the Department) reaffirmed the broad protections offered by the Internet Tax Freedom Act (ITFA) against...more

Farrell Fritz, P.C.

Additional Real Property Tax Relief for Certain Senior Housing Properties in Nassau County Signed into Law

Farrell Fritz, P.C. on

New York State Governor Kathy Hochul signed NYS Senate Bill 8647 (Martins)/Assembly Bill 10355 (Stern) into law this week....more

Farrell Fritz, P.C.

Understanding New York State’s STAR Program

Farrell Fritz, P.C. on

New York State offers the School Tax Relief (STAR) program to provide a bit of property tax relief to eligible homeowners. First, who is eligible? The basic STAR program requires that you own your home, that it is your...more

Rivkin Radler LLP

The New York State Estate Tax Cliff and the ‘Santa Clause’ Fix

Rivkin Radler LLP on

New York has an “estate tax cliff,” which can result in heirs paying New York estate tax at a rate exceeding 100%. The current per-person NYS estate tax exemption is $6.94 million, which is the amount you can leave to your...more

Farrell Fritz, P.C.

Real Property Taxation of Solar and Wind Energy Systems in New York State

Farrell Fritz, P.C. on

In 2019, the New York State Legislature enacted the Climate Leadership and Community Protection Act (“CLCPA”), which requires New York State to rapidly decrease greenhouse emissions and scale up renewable energy capacity....more

Akerman LLP

Extension of Incentive Programs in New York State’s 2024 Budget

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On May 1, 2023, the New York State Legislature voted to adopt the Fiscal Year 2024 budget which included the renewal and extension of the sunset date of five programs that abate real estate taxes, reduce commercial rent tax,...more

Akerman LLP

Vesting under 421-a Is Just the Beginning

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As many in the New York Real Estate community are aware, Section 421-a (16) of the New York Real Property Tax law (“421-a”), was not re-enacted by the State Legislature.  Projects that were eligible for a tax exemption under...more

Harris Beach Murtha PLLC

Expiration of Tax Exemption Creates Uncertainties for Affordable Housing Construction in New York City

The 421-a tax exemption and rent stabilization program, also known as the affordable housing tax break, which affords real estate developers a tax break in developing affordable housing in New York City, has expired as of...more

Sheppard Mullin Richter & Hampton LLP

New York Governor Releases Updated 421-a Program

Earlier this month, New York Governor Hochul’s executive budget introduced a proposal for an updated 421-a Real Estate Tax Exemption Program. Referred to as “Affordable Neighborhoods for New Yorkers” and proposed under a...more

Herbert Smith Freehills Kramer

Governor Hochul Releases Revisions to 421-a Program

Gov. Kathy Hochul this week released a proposed revision to the 421-a “Affordable New York” program, in connection with her FY2023 Executive Budget proposal. The new program would be known as the “Affordable Neighborhoods for...more

Cole Schotz

New York Significantly Expands Application of Prevailing Wage Requirements

Cole Schotz on

On January 1, 2022, an expansion of prevailing wage law in New York will become effective. The new law will significantly increase the universe of construction projects subject to prevailing wage requirements...more

Greenbaum, Rowe, Smith & Davis LLP

Wealth Transfer Strategies to Consider in the Age of COVID-19

The COVID-19 pandemic has disrupted our lives and shifted our priorities in an unprecedented manner.  Against this backdrop of uncertainty, though, opportunities in estate planning abound.  Basic planning documents, such as...more

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