A proposed tax on big-ticket cash home purchases is making waves in New York City. State lawmakers are reportedly considering a new levy on homes bought with cash for at least $1 million, a move aimed at closing a tax loophole that has long benefited wealthy buyers. The tax is expected to raise significant revenue for the state, but it's also likely to face pushback from real estate interests and those who argue it will stifle luxury home sales. As the state budget negotiations heat up, taxpayers and property owners are watching closely to see if this plan will become a reality.
New York lawmakers are planning a new tax on New York City homes purchased in cash for at least $1 million, according to people familiar with the state budget negotiations.
