The Real Deal New York

This month in real estate history

Unpopular “Cuomo tax” on capital gains becomes law
By Adam Pincus | March 20, 2014 04:30PM

From the March issue: Gov. Mario Cuomo signed legislation enacting a new 10 percent tax on capital gains from the sale of real estate worth $1 million or more 31 years ago this month.

The tax, a revised attempt at collecting fees from large property sales after a similar 1981 law was repealed the following year, was expected to bring the state about $100 million annually. [more]