421-a Changes to be Announced Today
Conceived originally to stem the housing affordability crisis, the popular 421-a tax-incentive program lapsed in 2022, creating a significant blow to real estate developers. The final changes soon to be announced, include rebranding the program to 420.
Without going into the weeds of the changes, a spokesperson from the office of Preservation of Tax-abatement (POT) said that details hashed out focuses on making our state greener, by introducing natural elements such as grass, stone, vapor, and other recreational substances.
Stakeholders are high on hopes about 420 being re-enacted, and are looking forward to efforts not being wasted.
Read the more about the changes here.