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Date Published:: 2023-07-11
Description:: IBO's review of the tax break, under Local Law 18 of 2017, was released as NYC Council is about to consider MSG’s DCP application to renew its zoning special permit. It also coincides with a reignited debate on the future of the beleaguered & over-capacity Penn Station that lies below MSG.
Agency:: Independent Budget Office, NYC (IBO)
Subject(s):: Taxation - Exemption from and Taxation - Real Property
Report Type:: Reports - Other (Consultant/Staff)

Date Published:: 2022-03-31
Description:: 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
Agency:: Independent Budget Office, NYC (IBO)
Subject(s):: Taxation, Taxation - Exemption from, and Taxation - Real Property
Report Type:: Reports - Other (Consultant/Staff)

Date Published:: 2015-05-20
Description:: 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 in Albany.
Agency:: Independent Budget Office, NYC (IBO)
Subject(s):: Taxation - Exemption from
Report Type:: Other

Date Published:: 2024-03-26
Description:: The New York City Independent Budget Office (IBO) is announcing the publication of our report Exemption vs Abatement. This report provides policymakers with insights into the tax liability implications of these two different ways of structuring any new 421-a replacement program.
Agency:: Independent Budget Office, NYC (IBO)
Subject(s):: Housing, Taxation - Real Property, and Taxation - Exemption from
Report Type:: Reports - Other (Consultant/Staff)

Date Published:: 2016-09-14
Description:: 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.
Agency:: Independent Budget Office, NYC (IBO)
Subject(s):: Taxation - Exemption from
Report Type:: Bulletins

Date Published:: 2022-06-06
Description:: Without action from state lawmakers last week, the 421-a tax exemption will expire on June 15, 2022. However, even if the program is not renewed in a future session, it will continue to cost the city property tax revenue for years to come.
Agency:: Independent Budget Office, NYC (IBO)
Subject(s):: Taxation - Exemption from and Taxation - Real Property
Report Type:: Reports - Other (Consultant/Staff)

Date Published:: 2024-03-26
Description:: Press release for the New York City Independent Budget Office's report "Exemption or Abatement? Structure of Proposed New 421-a Program Has Implications for All Property Tax Bills."
Agency:: Independent Budget Office, NYC (IBO)
Subject(s):: Taxation - Real Property and Taxation - Exemption from
Report Type:: Press Releases

Date Published:: 2023-07-11
Description:: The Independent Budget Office's press release for its report examining Madison Square Garden's tax exemption.
Agency:: Independent Budget Office, NYC (IBO)
Subject(s):: Taxation - Exemption from and Taxation - Real Property
Report Type:: Press Releases

Date Published:: 2017-07-20
Description:: The Mayor's Press Office releases information about notable events and actions taken by the Mayor, as well as transcripts of all media conferences, radio shows, and ceremonies that the Mayor attends.
Agency:: Mayor's Office (OM)
Subject(s):: Taxation - Exemption from, Government, and Housing
Report Type:: Press Releases

Date Published:: 2021-10-08
Description:: 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.
Agency:: Independent Budget Office, NYC (IBO)
Subject(s):: Business, Taxation, and Taxation - Exemption from
Report Type:: Studies

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