Taxes

Independent Budget Office finds 10% fewer tax filers earned above $750K in the pandemic’s first year.
Permits for more than 58,000 apartments show rush to secure lucrative 421-a benefit ahead of state law’s June expiration.
New York City’s share of U.S. securities industry jobs is now less than one in five, says state Comptroller Tom DiNapoli, down from one in three in the 2000s.
The Manhattan District Attorney’s Office contends six developers ‘fraudulently obtained’ more than $1 million in tax credits aimed at boosting affordable housing.
Mayor reports taxable income on the Bed-Stuy rowhouse he declared his residence, after years of fuzzy and questionable deductions.
Budget watchdog warns letting the 421-a program lapse will doom needed new housing development, while city comptroller urges cancellation along with a property tax overhaul.
Real estate industry says renewing the 421-a program is essential to ensuring housing development, including affordable apartments, and have the governor on their side. But some city and Albany leaders say it should not survive.
Mayor and Council Speaker Adams both vowed to end the program that sells property owners’ uncollected tax and water debts to private investors. Now what?
Stock market profits are headed for a record high, meaning big tax revenues for New York. But the city stands to lose 5,000 high-paying finance jobs to other states as the local unemployment rate hits twice the national average.
The online search giant, which announced plans Tuesday to open a massive Manhattan headquarters, is forgoing the benefits Amazon sought to reap for its ill-fated Long Island City headquarters, THE CITY has learned.
Mayoral nominee admits he failed to tell the IRS he lived in the Bed-Stuy townhouse he claims as a residence — a move that may have enabled him to take bigger deductions. His campaign says he’ll refile his returns, again.
GOT A TIP?
We’re here to listen. Email tips@thecity.nyc or visit our tips page for other ways to share.
As the new governor begins to put her own imprint on the state’s finances, she’ll have to make a series of decisions that show whether she is prepared to make a sharp break with the policies — and appointees — of the previous administration.
The governor arrived in office in 2011 with an agenda aimed at bolstering New York State. Some of his promises — from marriage equality to minimum wage to supportive housing and more — came to fruition, while others remain outstanding.
With the June 22 primary approaching, there’s no clear favorite, reflecting much of the city. But interviews with more than a dozen business leaders show they generally agree on who they don’t want to see in City Hall.
See which candidates for NYC mayor agree with you most on taxes.
Billions in hikes mark a defeat for Cuomo and business leaders who warn of an exodus unless Biden restores state and local deductions. The deal represents a victory for progressives who say the rich must pay more COVID costs.
Federal aid and higher-than-expected tax revenues are enough to fill the pandemic budget gap. Progressives say more taxes are needed to repair COVID-19 damage while tax opponents argue a hike would drive high-earners from New York.
“Opportunity Zone” benefits will come to investors in a controversial Crown Heights real estate project whether or not affordable housing remains in the picture. A bill would end New York’s part of the program.
The $1.3 billion in pandemic-driven arrears surpasses the debt driven up during the last financial crisis. There’s a split, though, over whether the void will throw the city budget into turmoil.
Heads of major companies say they’re reluctant to go public with threats to take jobs out of the pandemic-wracked city. But they warn efforts to raise income taxes on high earners will drive far more dollars from New York.