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

New York lawmakers are planning a new tax on New York City homes purchased in cash for at least $1 million, according to people familiar with the state budget negotiations.

The lawmakers are also considering expanding the tax to all-cash purchases over $1 million in New York, including those in the suburbs and upstate, people familiar with the matter said.

The New York City levy alone is expected to raise $160 million to help fill the city’s budget hole, said one of the people who asked not to be identified when discussing private deliberations. The proposed tax would be levied ...