Capital Improvement Tax Eliminated

The Governor has withdrawn the Capital Improvement Tax…due in part to the determination and tireless efforts of Assemblywoman Donna Lupardo, NYSBA and STHBRA Leaders. This is one item on the list of taxes that will be eliminated from the proposed 2009-2010 Executive Budget: Eliminate Proposed Limitation on the Capital Improvement Exemption. The Executive Budget would have limited the capital improvement exemption under the tax code to new construction, a new addition to existing construction, or complete reconstruction. This proposal is no longer recommended. (2009-10 Impact: $120 million, 2010-11 Impact: $160 million). This is Good News for our area and this industry!!!