Lawmakers introduced legislation in New York State Senate that would require mortgage recording tax to be paid on mezzanine and preferred equity financing in cases where such financing is subordinate to primary mortgage debt, a Mezzanine Tax.
Key Points - - New York lawmakers have reintroduced legislation that, if adopted into law, would make mezzanine and preferred equity financing subject to the mortgage rec.
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),.
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UPDATE: Proposed Taxes on Mezzanine and Preferred Equity Financing and Pied-à-Terre Taxes Not Included in Final New York Budget Bill Friday, April 9, 2021
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 again.