Vesting under 421-a Is Just the Beginning

Akerman LLP
Contact

Akerman LLP

As many in the New York Real Estate community are aware, Section 421-a (16) of the New York Real Property Tax law (“421-a”), was not re-enacted by the State Legislature.  Projects that were eligible for a tax exemption under 421-a were required to vest on or before June 15, 2022 in order to be eligible for benefits under the program.  For those projects that have vested,  there is still significant work to be done in order to qualify under the program and actually receive the available tax benefits.  

A project must complete construction by June 15, 2026 to be eligible under the 421-a(16) program, at which point the application for a certificate of eligibility can be filed with HPD. 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Akerman LLP | Attorney Advertising

Written by:

Akerman LLP
Contact
more
less

Akerman LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.