Tax Break Extended for Unfinished 1-Family Homes
(Crain’s) — Builders of single-family to three-family houses in the city have one more year to finish the construction of their homes and take advantage of a tax break.
Earlier this month, Gov. David Paterson signed into law a bill that gives homebuilders one more year to use a program known as 421b, which provides tax relief for builders and homebuyers. Builders who started their development before July 1, 2006, now have until July 11, 2011, to finish their projects.