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Real estate worried about co-op tax hike, but legislator says move was unintended

Mar 29, 2021 - Crain's New York Business

Several real estate groups are concerned that a new tax in budget proposals from the Assembly and the state Senate will increase costs on co-op owners. But state Sen. Liz Krueger has framed the effects as accidental and said the Legislature does not plan to raise taxes on the properties.

A state tax on cooperatives was set to expire this year, but the Legislature is instead aiming to increase it, according to multiple real estate organizations. The Assembly bill would make the tax rate for...