National Cheat Sheet: How the GOP’s tax plan could benefit developers, home prices rise as sales slow down & more

Clockwise from left: Secretary of the Treasury Steve Mnuchin, One Manhattan West and Civic Towers in Miami

Condo developers could benefit bigly from GOP tax reform

A new tax plan proposed by secretary of the treasury Steve Mnuchin and GOP lawmakers might be a boon to Manhattan’s luxury condo developers. It calls for lowering the maximum rate paid by businesses, including many LLCs, which are taxed under the personal income rate, to 25 percent from 39.6 percent, among other alterations. While Manhattan condo developers pay the top 39.6-percent rate on apartment-sale profits, rental developers usually pay the 20-percent capital gains rate (which would not be reduced in the new tax plan). Such a huge decrease in the top income tax rate for LLCs would suddenly make condo development a lot more appealing in relation to rental development. [TRD]

New law bans salary questions, likely putting

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