New York Tax on NYC Cash Home Purchases Close to Collapsing (1)

A proposal to levy a new tax on all-cash real estate transactions over $1 million in New York City is likely to be dropped from the state budget, according to people familiar with the negotiations.

New York state lawmakers had been working on the new levy as an option to help fill the city’s budget deficit. The tax would have been levied at 1% of the purchase price and be paid by the buyer.

Read More: New York Plans Tax on Homes Over $1 Million Purchased With Cash

The state still plans to enact a new pied-à-terre tax on pricey ...