News

Proposed Changes to Rules Regarding the Application of the Coop/Condo Tax Abatement

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Recently the Department of Finance circulated proposed changes to Section 1 of Title 19 of the Rules of the City of New York with the addition of Chapter 50.  The purpose of Chapter 50 is to clarify the criteria for eligibility for the Coop/Condo Abatement for the fiscal years beginning in 2012, 2013 and 2014.  It is anticipated that the rules will be adopted as proposed.

A copy of the full text of the proposed regulations is available at Co-op condo abatement rules proposed 2013 8 28.

Cooperative and Condominium units held in a trust form of ownership, could once again be eligible for the Coop/Condo Tax Abatement

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New York City homeowners who own their cooperative or condominium units through Trusts are once again potentially eligible to receive the Coop-Condo Tax Abatement.  Earlier this year, units owned by Trusts and LLCs were barred from receiving this benefit.

On July 3, 2013, the State Legislature passed a law which could allow unit owners of both revocable and irrevocable trusts to receive the Coop-Condo Tax Abatement, provided that the apartment is the primary residence of one of the following: a designated beneficiary of the trust, a trustee or the holder of a life estate.  Units owned through LLCs, however, will continue to be ineligible for the tax abatement.

Download: Assembly State NY Bill #A06658

Proposed Amendments to the J-51 Regulations

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The New York City Department of Housing Preservation & Development (“HPD”) has a hearing scheduled on October 15, 2013 to vote on proposed changes to the J-51 Regulations. Among the proposed changes is the removal of numerous items previously eligible for the J-51 Tax Benefit.  In addition, the proposed regulations give different amounts of benefits to eligible cooperative and rent stabilized buildings.

For more information, please see the Notice of Public Hearing.

Change of filing date to June 1 for the annual Real Property Income and Expense Statement (“RPIE”) filing commencing in 2014

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The NYC Department of Finance (“Finance”) requires owners of income-producing properties to file electronically an annual Real Property Income and Expense (“RPIE”) statement. In previous years by law, the RPIE statement was due on September 1st.

However, the New York City Administrative Code has recently been amended with respect to filing of (“RPIE”) statements. Local Law 52 of 2013 amends the RPIE deadline to June 1st starting in 2014.

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