September 14, 2017
Are You In Compliance With 421-a Prevailing Wage Requirements?

By Peter Rivera, GH Senior Associate

Recently we’ve seen an uptick in subpoenas from the NYC Comptroller’s Office addressed to owners and property managers who benefit from 421-a tax exemptions. They are looking to see whether property owners and managers are in compliance with the prevailing wage requirements pursuant to the statute. Do not get caught off-guard. If you receive a 421-a tax benefit pursuant to the New York State Real Property Tax Law, we highly recommend that you conduct an internal audit of your books and records to ensure that you have been paying prevailing wages to your staff. If you are a property manager, but are not sure whether your landlord receives the tax exemption, review your lease and speak to your landlord.  If you’d like for us to assist you in this process, please do not hesitate to contact us. Stay protected and don’t lose your exemption!