Danielle Muoio Dunn

New York state governor Kathy Hochul announced a tentative deal to impose a tax on second homes in New York city as part of a $268bn (€228bn) budget that will also weaken the state's climate law.

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.

Several legal and logistical hurdles have slowed efforts to craft the tax legislation, including the number of agencies and offices involved, the technical aspects of the tax, and the opaque nature of state budget talks. A pied-à-terre tax proposed seven years ago failed because of similar issues.

Gov. Kathy Hochul proposed a surcharge on second homes in New York City worth $5 million or more. The proposal has triggered anger and alarm among rich people who say they are being unfairly targeted.

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.

(Bloomberg) -- 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.

New Yorker Gesetzgeber planen eine neue Steuer auf Wohnungen und Häuser in New York City, die für mindestens 1 Million Dollar (860.000 Euro) in bar gekauft werden. Das sagten mit den Haushaltsverhandlungen vertraute Personen.

New York lawmakers are advancing changes to increase a tax break for property owners who make upgrades to affordable housing in New York City.

The pandemic-era benefits are going to shows with the backing of major production companies or billionaires, a review of state records shows.

New Jersey lawmakers have agreed to advance a $60.7 billion budget plan that would more than halve the income threshold for the state’s new property tax relief program for senior citizens, reducing the number of individuals who could qualify.