Industry and Policy Update:
Keeping pace with tax and regulatory change is essential for individuals and businesses operating in today's complex environment. Berkower LLC highlights two significant developments that may have important compliance and planning implications.
New York City’s new temporary pied-à-terre surcharge will apply to certain high-value residential properties that are not used as a primary residence. Effective for fiscal years beginning on or after 1 July 2026, the measure may affect qualifying houses, condominiums and cooperative apartments. Important details remain unresolved, particularly around residency evidence, entity-owned properties, ownership structures, subleases and property transfers. Berkower advises affected clients to prioritise documentation of primary residence status and review ownership arrangements carefully.
The firm also reports on increased Delaware corporate filing fees. The changes affect areas including annual reports, dissolution filings, record searches and expedited processing. Most statutory fee increases take effect from 1 August 2026, while annual tax increases relating to the 2026 tax year will first appear in payments due in 2027.
These developments underscore the importance of proactive planning and compliance as tax and regulatory requirements continue to evolve across key US jurisdictions.
Learn More About: New York's Pied-á-Terre Tax
