NYC's new pied-à-terre tax: how to transfer a company out of NYC and keep the EIN [step-by-step]

Attorney and CPA Chad D. Cummings presents this powerful presentation on New York City’s new pied-à-terre tax. The tax was sold as targeting 31,000 luxury second homes. Mayor Zohran Mamdani’s administration then published a searchable database containing more than 960,000 residences and individuals, complete with full names and addresses. The list includes modest homes in working-class neighborhoods of the Bronx and Staten Island. Council Minority Leader David Carr found his own home on the list and called the publication reckless. Author Alex Berenson reported that his 81-year-old mother, a full-time resident of her townhouse for 30 years, received a letter claiming she owed $56,000. City Hall projects $500 million in annual revenue while the City Comptroller projects $340 million to $380 million and declining collections as owners sell, dispute, or leave. The mayor announced the tax by filming a video outside Ken Griffin’s penthouse. New York ranks 50th on the Tax Foundation’s 2026 State Tax Competitiveness Index. The pattern is familiar: the tax is proposed as limited to the wealthiest, the threshold is set high, and the implementation expands dramatically. Redomestication is the legal process of transferring a company out of New York without dissolving it. When paired with a change of personal residency and a reduction of New York operations, it can reduce or eliminate state tax exposure for the entity and its owners. Learn more: https://www.cummings.law/redomestication/move-business-out-of-new-york/