Trump Lacks Legal Power to Stop NYC Second Home Tax, Lawyers Say – news.bloombergtax.com

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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
Americas+1 212 318 2000
EMEA+44 20 7330 7500
Asia Pacific+65 6212 1000
President Donald Trump is unlikely to block the rollout of New York City’s pied-à-terre tax because the federal government is limited in its ability to intervene on state tax issues, tax attorneys said.
Earlier this week, Trump said he was looking into whether his administration “has any legal right to avert” the tax on second homes, which he said would drive affluent people out of the city, hurting the local economy. But states have broad authority to set their own local levies unless they conflict with federal law, said Hayes Holderness, a professor at the University of Richmond School …
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