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News
Capitol Hill staff won't rule out year-end bipartisan tax deal
3+ mon, 2+ week ago (373+ words) Capitol Hill tax staff haven't ruled out an end-of-year bipartisan tax package to adjust retirement fixes and international tax issues that have gone unaddressed—even as Republican lawmakers race against the clock to pass a "skinny" reconciliation package. Ji Prichard,…...
New York lawmakers approve second-home tax in state budget
3+ mon, 2+ week ago (501+ words) New York lawmakers approved a revenue package for the state budget that includes a new surcharge on pricey second homes in the city, but omits a proposal to tax all-cash property purchases. The so-called pied-à-terre tax is expected to take…...
AICPA backs bill limiting beneficial ownership reporting
3+ mon, 3+ week ago (340+ words) The American Institute of CPAs expressed its support for legislation limiting the reporting of businesses' beneficial ownership information to the Treasury Department's Financial Crimes Enforcement Network. Last month the House Financial Services Committee voted to advance legislation that would effectively…...
New York plans tax on homes over $1M purchased with cash
3+ mon, 4+ week ago (771+ words) New York lawmakers are planning a new tax on New York City homes purchased in cash for at least $1 million, according to people familiar with the state budget negotiations. The lawmakers are also considering expanding the tax to all-cash purchases…...
Mamdani's NYC budget counts on taxing pricey second homes
4+ mon, 21+ hour ago (493+ words) Most New Yorkers will not have to worry about seeing their property tax rates go up soon. But for a small number of those who own luxury second homes in the city, the prospect is still alive. Mayor Zohran Mamdani…...
NYC tax plan that angered rich is proving difficult to design
4+ mon, 2+ day ago (1237+ words) New York officials are trying to give shape to the pied-à-terre tax proposed by Governor Kathy Hochul, with significant questions about how the levy would work still unresolved amid broader Democratic discord over the state budget. Last month, Hochul proposed…...
NY announces $268B budget deal including second-home tax
4+ mon, 6+ day ago (728+ words) New York Gov. Kathy Hochul announced a tentative deal to impose a tax on second homes in New York City as part of a $268 billion budget that will also weaken the state's climate law. Budget discussions this year have been…...
NY pied-à-terre tax needs significant rates to earn $500M
4+ mon, 1+ week ago (661+ words) Luxury second homes in New York will have to be taxed at a "significant" amount to generate the $500 million of revenue the city is counting on to help close a gaping budget hole, according to a new study from New…...
Mamdani pushes to shrink NY hedge-fund, private-equity tax break
4+ mon, 2+ week ago (741+ words) New York City Mayor Zohran Mamdani is delaying the city's $127 billion budget as he pressures the state to limit a tax credit used by hedge funds, private equity firms and other businesses. Mamdani and City Council Speaker Julie Menin called…...
NYC's second-home tax unites Mamdani, Hochul after budget fights
4+ mon, 3+ week ago (1114+ words) Governor Kathy Hochul and New York City Mayor Zohran Mamdani have finally found a tax that they agree on. Getting everyone else on board stands to be more complicated. Mamdani has been an eager proponent of taxing wealthier New Yorkers…...