[What you need to know to start the day: Get New York Today in your inbox.] For the last five years, a bill that would create a so-called pied-à-terre tax in New York has languished in the State Legislature, where proposals for new taxes often go to die. But after Kenneth C. Griffin, a hedge fund billionaire with an estimated net worth of $10 billion, added to his personal real estate portfolio last month by closing on a $238 million apartment on Central Park South, things may soon be different. If the buyers live out of state, they are not subject to state or city income taxes, and do not pay New York sales tax while outside the state. A pied-à-terre tax would institute a yearly tax on homes worth $5 million or more, and would apply to homes that do not serve as the buyer’s primary residence.

Source: New York Times February 09, 2019 07:52 UTC