NY Democrats Push to Pair Second Home Tax Plan, Corporate Hikes

New York Democrats said they will continue to push for tax hikes on corporations in budget negotiations, despite Gov. Kathy Hochul’s pitch for a new tax on second homes to raise revenue for New York City.

State lawmakers said Wednesday they support Hochul’s proposed yearly surcharge on secondary residences and investor-owned properties in New York City that are worth at least $5 million. But they warned a pied-à-terre tax won’t go far enough to address New York City’s $5.4 billion deficit over the next two fiscal years. Hochul said her proposal would raise $500 million annually, with about 13,000 properties ...