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Loft Law in Limbo (so is Coop/Condo Tax abatement)

Posted by Anna on July 01, 1999 at 07:02:46:

Once again, Albany did not pass the state budget on time. So, seven hours ago, the Loft Law expired and so did the real estate tax reduction for coops & condos. And Medicaid cuts... Has anyone started a pool for when they will pass the budget?


However, lawmakers predict that both problems will be
fixed retroactively without any damage done, though
the standoff has unnerved thousands of city residents.

"The budget process in this state is continuing to fail,"
said Senator Joseph L. Bruno, the Republican majority
leader. Recalling that in 1997 New York's budget was
passed on Aug. 4, 126 days late, a modern record for
any state, he added, "What I see is probably us setting
another record for a late budget."

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