There was a flurry of activity on the trusts and estates front during the 2013 legislative calendar, which ended on June 21. As we gear up for 2014 activity in the 2013-14 legislative session, it is instructive to review what has passed so far, what failed to pass before the June recess, and what lies ahead.1
Tax Abatement for Apartments Held in Trust (Enacted).2 Since 1996, New York City has offered a partial property tax abatement program for cooperative apartment and condominium owners. The abatement is offered to eliminate the disparity in real property tax, which is assessed at a much higher value against those unit holders than against holders of one, two and three family homes. The abatement has periodically expired and been renewed. However, pursuant to the latest three-year renewal enacted in January 2013, the abatement would have been lost if a cooperative or condominium unit were held by a trust or in a limited liability company (LLC). The change was made to limit the abatement to primary residence holders only. However, the new law failed to recognize that many people transfer their units to trusts or LLCs as part of their estate planning or for privacy reasons. Although ownership is technically transferred, they can continue to use the units as their primary residences.
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