Gov Cuomo and state legislators plan to prevent a scheduled tax increase for owners of coops and condos in NYC The Real Deal reported. The city's J-51 and tax abatement programs were not extended before the years session adjourned.
The Governor, Assembly and Senate reached an agreement on "landmark" tax relief legislation in July that will be signed into law when legislators return to Albany later this year.
Under the terms of the agreement, lawmakers would increase tax breaks for middle class owners of condos and coops (primary residences), but would phase out the breaks for owners whose apartments are not primary residences.
The Governor, Assembly and Senate reached an agreement on "landmark" tax relief legislation in July that will be signed into law when legislators return to Albany later this year.
Under the terms of the agreement, lawmakers would increase tax breaks for middle class owners of condos and coops (primary residences), but would phase out the breaks for owners whose apartments are not primary residences.
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