Another Lawsuit Challenges New York City’s Surcharge on Second Homes
Hodgson Russ attorneys Tim Noonan and Mark Klein were featured in a Tax Notes article examining a new lawsuit challenging New York City's pied-à-terre tax surcharge on certain nonresident-owned properties. In discussing the case, Noonan addressed the constitutional issues raised by the challenge and the uncertainty surrounding the law's implementation, while Klein encouraged affected property owners to continue pursuing available exemptions despite ongoing litigation. The article explores the latest legal developments surrounding the controversial tax and the potential implications for taxpayers with second homes in New York City.
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- QuotedNYC Council Mulls Business Tax Credit Cut for Millionaires
As New York City considers scaling back a key tax credit for high-income taxpayers, details matter. Hodgson Russ Partner Tim Noonan was quoted in Tax Notes on the New York City Council's proposal to reduce the unincorporated business tax (UBT) credit for taxpayers with city taxable income of $1.25 million or more.
- QuotedMamdani’s New Pied-à-Terre Tax Leaves Wealthy With Few Loopholes
Effective July 1, New York City’s pied-à-terre tax is now in force, as detailed in recent Bloomberg coverage examining how the new surcharge is reshaping the landscape for high-value second-home owners. The article highlights the limited availability of workarounds, the practical challenges of compliance, and the early strategies being explored by taxpayers. Hodgson Russ partner Timothy Noonan offers perspective on how narrowly the rules may operate in practice and the importance of meeting the law’s specific requirements.
ArticleThe Pied-à-Terre Tax Has Landed!
