"421-a Makes a Comeback"

On November 10, 2016, with the full support of Governor Andrew Cuomo, the Building and Construction Trades Council of Greater New York (“BCTC”) and the Real Estate Board of New York (“REBNY”) released news that they have reached an agreement to extend the 421-a tax exemption program.  The agreement is contingent on the State passing a new bill, but Governor Cuomo is urging legislators to call an extraordinary session to pass the legislation as quickly as possible. 

This Stroock Special Bulletin provides an overview of the agreement and what to expect next.