Citrin Cooperman's Real Estate Practice sent out an alert on January 8, 2019, regarding the possible increase of the assessed valuation threshold on Form TC 309 Accountant’s Certification (“TC 309”) from $1,000,000 to $5,000,000.
You can find the original alert here: Will Small Business Owners Receive Good News in the New Year?
On January 9, 2019, right before The City Council was scheduled to vote on the bill, the vote was cancelled.
Even though the vote was cancelled, the possibility remains that the bill may still pass and be signed into law in time to apply to tax year 2019/2020 (reporting year 2018).
In addition, the Tax Commissions of the City of New York (“Tax Commission”) released their latest Form TC 201 – Income and expense schedule for rent producing properties and TC 309. The new released TC 309 mentions the potential threshold increase, with a disclaimer on top of the form stating “AT THE TIME OF PRINTING, LEGISLATION IS PENDING TO RAISE THE $1,000,000 THRESHOLD TO $5,000,000. CHECK THE TAX COMMISSION WEBSITE FOR CURRENT INFORMATION.”
With all these uncertainties and possible upcoming changes to the process, small building owners should consult their advisors to make sure they're properly planning for all contingencies. Please contact a real estate professional at Citrin Cooperman to walk you through how these changes might affect your planning.