Amherst IDA to consider tax breaks for two new projects

[NY The Vampire State]

I'm going to tell you that you are as ignorant as FMD because there is no sales tax on real estate transactions in NYS.

There most certainly is...
http://www.tax.ny.gov/bus/transfer/rptidx.htm

And you better put your glasses on and re-read the article. Sales taxes breaks are being sought.

[Linda_D]

There most certainly is...
http://www.tax.ny.gov/bus/transfer/rptidx.htm

And you better put your glasses on and re-read the article. Sales taxes breaks are being sought.

You better try comprehending what you read: it's a tax on residences that sell for over a million dollars, which does not affect many homeowners in NYS outside of Manhattan and some other select NYC residential areas, which is why it's referred to as the "mansion tax". It does NOT apply to rents. It says nothing about being applied to commercial/investment properties. "Ordinary home owners" do not pay sales tax on their home purchases or on their rents in NYS.

I will also stand by my original statement: these projects getting tax breaks on mortgage taxes does NOT put an added burden on "everybody else" because the development/redevelopment of these properties is going to still add significantly to the tax base. However you want to spin it, a percentage of something is better than all of nothing. 100% of 0 = 0. DOH!

[NY The Vampire State]

WRONGO

It's 2 bucks per $500 On ANY sale. PLUS the mansion tax, when it applies. These taxes are for the whole state.

Tax is computed at a rate of two dollars for each $500, or fractional part thereof, of consideration.
An additional real estate transfer tax (sometimes referred to as the "mansion tax") of 1% of the sale price applies to residences where consideration is $1 million or more.

Who pissed in your bowl of paint chips this morning?

[grump]

In NY, if it involves the transfer of real estate it's called a transfer tax, not a sales tax. Sales tax breaks given by IDA's don't apply to the transfer tax on real estate transactions. They're governed by separate sections of law. In Erie County we pay a higher transfer tax than any other county in upstate NY so that NFTA can continue to run its bogus idiotic subway at a still staggering loss. Not surprisingly, given that it's WNY, the head of NFTA wants to spend hundreds of millions more to expand this hopelessly ineffective, spectacularly inefficient white elephant. Rather than waste $ expanding this loser, she ought to get off her ass, leave the office and take a wander down Main Street and take a gander at the crumbling rail bed for what she already (supposedly) manages.

[FMD]

Stop being a racist. Only the rich are allowed tax breaks,.