Publications

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 »

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 »

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 »

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 »

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 »

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 »

There is a transfer tax due when conveying real property in New York State.  The amount of transfer tax is based on the consideration paid in exchange for the conveyance, which consideration is typically the purchase price.  The transfer tax is reported on the Form TP-584 Transfer Tax Report.  The TP-584 must be filed at Read More »

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 »

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 »