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