New York Lawmakers Planning First-Of-Its-Kind Tax On $1 Million Homes Purchased With Cash, Report Says

Key FactsNew York lawmakers are planning the tax, Bloomberg reported, citing unnamed people familiar with the state budget negotiations who noted the proposal would be levied at 1% of the buying price and be paid by buyers. The legislators are also considering expanding the tax to $1 million or more cash purchases in the state that would incorporate the suburbs and upstate New York, Bloomberg added. The tax in New York City alone could generate up to $160 million, according to the unnamed sources Bloomberg cited. A spokesperson for Gov. Kathy Hochul, D-N.Y., told Bloomberg she “announced a general agreement...