New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
REBNY Sees Cause for Concern in New State Budget’s Tax Increases
The Real Estate Board of New York found cause for both applause and concern over New York State’s newly enacted fiscal 2022 budget. REBNY president James Whelan called the budget “both historic and challenging.
“While several harmful tax proposals were not passed, we are concerned about the long-term impacts of the state tax increases that were approved despite the receipt of significant federal aid that fully restored the state’s short-term fiscal health,” he continued. “This is particularly true given the continued limited applicability of the SALT deduction and the possibility of increased taxes at the federal level. It will be important to closely monitor and evaluate the impact of these tax increases on investment, population trends and future tax revenue.”
On the plus side, REBNY applauded the approval of a program for distributing federal rental assistance funds. “These funds must be distributed as quickly and effectively as possible,” said Whelan.
- ◦Economy
