Governor Paterson Drops Preservation Tax
Thank you to everyone who responded to our alert urging the Governor not to limit the capital improvement exemption to new buildings. If the limit had been enacted older buildings doing renovations would have been subject to sales tax on labor often 40-50% of the cost. The state estimates subjecting older buildings to this would have raised $120 million this year.
Governor Paterson, Majority Leader Smith, and Speaker Silver reached an agreement today to eliminate $1.3 billion in proposed tax increases, including this one. This was an important victory.
