Included in its Preliminary Budget, the Adams Administration proposed 3 tax programs: one to enhance the value of city’s EITC, which increases the value of wages and salaries for low- and moderate-income tax filer; as well as 2 tax breaks to incentivize the development of childcare programs in NYC
The ombudspersons provide data regarding their work at the end of each fiscal year and make annual recommendations to the Department of Finance (DOF) commissioner regarding Rent Freeze Program operations.
With manufacturing jobs in New York City declining, the New York City Industrial Development Agency, under the Giuliani Administration, created the Industrial Program in 1995. This report looks at the evolution and effectiveness of the program.
This report, mandated by the New York City Charter, identifies and describes tax expenditure programs related to taxes administered by the City and provides tax expenditure estimates based on available data.
When representatives of the real estate industry and construction unions failed to reach an agreement over wages in January, the 421-a tax benefit program came to a halt for the construction of new multifamily housing.
The 421-a property tax exemption is the city’s largest tax expenditure, costing more than $1 billion
in forgone taxes each year. The exemption dates back to the 1970s and is currently up for renewal