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Re: Loft Law in Limbo (so is Coop/Condo Tax abatement)

Posted by Anna on July 01, 1999 at 07:17:07:

In Reply to: Loft Law in Limbo (so is Coop/Condo Tax abatement) posted by Anna on July 01, 1999 at 07:02:46:

: Once again, Albany did not pass the state budget on time. So, seven hours ago, the Loft Law expired and so did the real estate tax reduction for coops & condos. And Medicaid cuts... Has anyone started a pool for when they will pass the budget?
: excerpts:

: However, lawmakers predict that both problems will be
: fixed retroactively without any damage done, though
: the standoff has unnerved thousands of city residents.

: "The budget process in this state is continuing to fail,"
: said Senator Joseph L. Bruno, the Republican majority
: leader. Recalling that in 1997 New York's budget was
: passed on Aug. 4, 126 days late, a modern record for
: any state, he added, "What I see is probably us setting
: another record for a late budget."

Here's a human-interest article on the Loft Law Limbo:

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