New legislation could cut additional taxes for summer homeowners
Long Island lawmakers have proposed legislation that would prevent many affluent homeowners in destinations like the Hamptons from higher taxes, according to the Wall Street Journal. The bill, the Journal said, comes in response to a growing concern that a recent New York tax tribunal ruling could discourage out-of-state residents from purchasing in New York State.
In January, a tribunal concluded that all income earned by a Connecticut couple was subject to taxation in New York because they spent more than 183 days a year in the state.
The new law would offer tax relief to vacation homeowners who work more than 50 miles from their property. "If your vacation home is that close to your employment, there's a likelihood that you're using it for more than a vacation home," said Robert Spielman, a certified public accountant with Marcum LLP in Melville, N.Y.
The bill also states that vacation homeowners will be taxed if they spend more than 90 days at their New York property. [WSJ]
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