New York City announces $500m tax raid on high-value second homes

Attorney and CPA Chad D. Cummings provides an overview on New York’s new pied-à-terre tax targeting second homes and investor-owned apartments valued at five million dollars and above. With a projected annual revenue of at least five hundred million dollars, the state is once again choosing to extract more money from property owners instead of addressing its massive budget deficit through spending restraint. This presentation explains how the tax affects business owners whose entities hold New York real estate, why New York continues moving in the opposite direction of the twenty-three states that have cut income tax rates, and how the state’s accelerating population loss to Florida and Texas is only going to worsen. Learn how redomestication allows New York-domiciled companies to legally transfer their state of domicile to Florida or Texas without creating a new entity, without dissolution, and on a completely tax-free basis while keeping their FEIN, contracts, credit history, and bank accounts fully intact. If you own a business with ties to New York and want to escape the state’s relentless tax increases, this presentation shows you the strategic path forward. Learn more: https://www.cummings.law/redomestication/