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Many NYS Homeowners Associations Must Comply With New Federal Reporting Requirement

February 22, 2024
Effective January 1, 2024, many Homeowners Associations (HOAs) became subject to new Federal requirements to report personal information of individuals who are their senior officers and other beneficial owners to the Financial Crime Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department.  New HOAs created on or after January 1, 2024, will only have Read More »

Attention Landlords and Tenants: The Biden-Harris Administration Looks to Eliminate “Junk Fees” in Rental Housing

August 09, 2023
The White House recently announced a Presidential initiative to protect residential tenants across the country from surprise "junk fees" charged by landlords. Generally, these are fees that are included in addition to rent that may be collected prior to the commencement of a lease – such as rental application fees – or extra fees during Read More »

Real Property Tax Relief for New Affordable Housing in Gowanus Neighborhood

August 01, 2023
The Gowanus Neighborhood Mixed Income Housing Development Program offers real property tax abatement for affordable housing projects located in the Special Gowanus Mixed Use District, an 82-block former industrial area along the Gowanus Canal in Brooklyn, New York.  The Program addresses the uncertainty arising from the sunset of Section 421-a(16) of the New York Real Read More »

Federal Interagency Guidance for Financial Institutions: Policies and Procedures for Reconsiderations of Value of Residential Real Estate

June 14, 2023
The Board of Governors of the Federal Reserve System (Board); Consumer Financial Protection Bureau (CFPB); Federal Deposit Insurance Corporation (FDIC); National Credit Union Administration (NCUA); and Office of the Comptroller of the Currency (OCC) have requested public comment on proposed guidance that outlines examples of policies and procedures for risk-based reconsiderations of value (ROVs) for Read More »

New York Homeowners and Condominium Associations Should Articulate Clear Rules on Short-Term Rentals to Avoid Potential Pitfalls

July 28, 2022
As schools and colleges break for summer and vacation season gets into full swing, short-term rentals – offered on popular platforms like Airbnb and VRBO – are often a prime topic of discussion. Short-term rentals are not new. But they are consistently the subject of debate of local municipalities – some residents preferring the extra Read More »

Coming Soon: Many New and Existing Corporations, LLCs and Similar Entities Must Report Owners’ Personal Information to U.S. Treasury Department

January 21, 2021
At the start of the new year, the National Defense Authorization Act ("NDAA") was enacted into law and included the Corporate Transparency Act ("CTA"). The CTA subjects individuals who own, or apply to form, businesses organized as corporations, limited liability companies, partnerships or similar entities to heightened reporting to the Financial Crimes Enforcement Network ("FinCEN") Read More »

LEGAL ALERT: State Accelerates Payment of Retainage by Local Governments and School Districts

January 19, 2021
On December 15, 2020, Governor Cuomo signed into law amendments to the New York State Finance Law and the New York State General Municipal Law relating to payment of retainage to contractors of public works projects. The amendments are widely supported by New York State's construction industry. The amendments clarify the definitions of substantial completion Read More »

Opportunity Zones Series: Gains Eligible for OZ Tax Incentives Expand: Section 1231 Property

January 29, 2020
This alert is part of the OZ Series that highlights topics in the Opportunity Zones final regulations published in the Federal Register on January 13, 2020.  One of the changes in the final regulations makes it easier for taxpayers with capital gains from the sale of business property to receive tax benefits under the Opportunity Read More »

Opportunity Zones Series: Final Regulations Enhance Tax Incentive Program

January 22, 2020
In December 2017, the Tax Cuts and Jobs Act of 2017 added the Opportunity Zones program to the Internal Revenue Code. The Opportunity Zones program provides for the deferral and reduction of capital gains tax and possible permanent exclusion from federal income taxation of eligible capital gains. Taxpayers realize these benefits by investing in Qualified Read More »

New Laws Benefit New York State Veterans and Active Duty Military

January 08, 2020
In November 2019, Governor Cuomo signed several bills into law that benefit veterans and active duty military in the areas of eligibility for benefits, real property tax exemption, education, employment, and others. Chapter 481 of the Laws of 2019 directs the New York State Division of Veterans’ Services (DVS) to maintain a Discharge Upgrade Advisory Read More »


March 05, 2019
Bousquet Holstein’s real estate and litigation attorneys represent property owners in challenges to municipal assessments of real property, which is known as tax certiorari. If you or your business own real property that the municipality has assessed too high, is assessing unequally to other properties, or is entitled to an exemption that the municipality incorrectly Read More »

NYS Transforms “STAR” Property Tax Exemption into Income Tax Credit

April 26, 2016
Governor Cuomo signed legislation on April 13, 2016 enacting two significant changes to the NY School Tax Relief ("STAR") exemption program.  The STAR program provides homeowners a reduction in real property school taxes.  Historically, the STAR exemption was shown on and immediately reduced homeowners’ school tax bills. The first change transforms the STAR exemption into a Read More »