Back in 2007, the state put a cap on the tax deductibility of 421-a negotiable certificates and effectively cut their value in half. Now the Real Estate Board of New York is lobbying to remove the caps and return the deductibility calculation to being based on the full assessed value of the property. "We believe the $65,000 cap on assessments is a mistake in this climate," REBNY President Steven Spinola said. HPD is reviewing the proposal, according the The Real Deal.
REBNY Proposal Boosts 421-a Certificate Value [TRD]
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