Potential Tax Impacts of a Mamdani Mayoral Administration

• Mamdani’s key campaign proposals to impose a City personal income tax surcharge and raise the State corporate tax rate would require State legislation.
• Potential changes to City corporate tax and UBT rates likewise would require State legislation.
• Potential adjustments to City real property tax rates or real property transfer tax require coordination with the City Council but not the State, provided such adjustments stay within certain State statutory constraints; changes to City-only “additional base” and “mansion” taxes would require Albany action.

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