UPDATE: Proposed Taxes on Mezzanine and Preferred Equity Financing and "Pied-à-Terre" Taxes Not Included in Final New York Budget Bill
By EsqSocial Corporation 12/04/21
Key Points - - Proposed taxes on mezzanine and preferred equity financing, and a tax on high-value second homes in New York City (commonly known as a “pied-à-terre” tax), were not included among the revenue-raising measures adopted by the New York State lawmakers in the final budget bill adopted on Wednesday, April 7. - This is not the first time these taxes have been proposed and then failed in the New York State legislature, and their proponents are likely to pursue efforts to revive them...
By: Katten Muchin Rosenman LLP