Tax & Budget

March 7, 2019. As the first of April inches closer, there has been significant buzz about implementing a Pied-a-Terre Tax on non-primary residences in New York City. Pushed by two New York City Council members and two Manhattan state legislators, the tax would apply a surcharge to homes in the City that are not primary residences and are worth more than $5 million. A report by the Fiscal Policy Institute cited that the proposed tax would generate an estimated $665 million annually from co-ops and condos. Pieds-à-terre [...]

February 11, 2019. Last month, billionaire Ken Griffith closed on a penthouse at 220 Central Park South for over $239 million, making it the most expensive home ever sold in the United States. Griffin, the founder of the hedge fund Citadel, said he will not use the pricey pad as a primary residence, but instead as “a place to stay when he’s in town.” The staggering sale has renewed support from public officials for a pied-à-terre tax, which would place a yearly surcharge on homes worth $5 million and up, and [...]

February 6th, 2019. Billionaire Ken Griffin’s record-breaking purchase for $238 million of the penthouse at 220 Central Park South, a super-tall building designed by Robert A.M. Stern in Midtown, is prompting a newfound push for the introduction of a pied-à-terre tax. According to Mark Levine, the council member for District 7 in Manhattan, the tax would be a small surcharge on second homes valued at $5 million or more. Advocates of the tax cite a 2014 report by the Fiscal Policy Institute, which says the proposed tax [...]

November 29, 2018. This article discusses further Amazon's decision to put a corporate campus in Long Island City/Queens after a public year-long search and the subsequent skepticism and outrage that followed the decision. Many activists and elected officials oppose the process by which Amazon got its $3 billion deal, feeling that despite the strong overall city economy with low unemployment, it will undoubtedly impact affordable housing, public housing, and the current transportation crisis. The Fiscal Policy Institute and other advocates weighed in whether it makes sense [...]

November 13, 2018. This article discusses Amazon's interest to possibly split "HQ2" between Long Island City, New York and Arlington, Virginia and the Governor's incentive package with potentially million dollars of subsidies that has not been shared with the public. The author goes on to discuss that many critics, including the Fiscal Policy Institute, do not think that Amazon should get subsidies because they are unfair and that there should be increased transparency. Amazon’s search for a location for its next main office may be coming to [...]

July 26, 2018. The Center on Budget and Policy Priorities (CBPP) released a report last week about how property tax caps are hampering the abilities of municipalities to fund basic services and are exacerbating inequality. The study focused on the impact of caps in Michigan, Massachusetts, Oregon and New York. In New York, more than three-quarters of cities and half of the counties reported significant fiscal stress due to the the adoption of its tax cap in 2011 and subsequent cuts in state aid. During a [...]

July 19, 2018. This articles discusses the significant tax breaks that the long-running show, Saturday Night Live, receives from New York State. New York offers the largest film tax credit program in the nation at $420 million a year. Many state officials feel that the program is very successful because it has led to an influx of shows and movies filming not only in New York City but also across the state, and that without the credit, productions would move to other states. However, critics of [...]