New Yorkers Could Face a New Tax on Homes Bought With Cash Over $1M

New York state lawmakers are drafting a budget proposal that targets real estate, including a new one-percent tax on all-cash home purchases above $1 million, Bloomberg reported.

Under current rules, buyers with a mortgage pay a one-time state tax at closing, while cash buyers are exempt. The proposed change would eliminate that gap, requiring all-cash purchasers in excess of $1 million to pay the same levy. Officials estimate it could generate about $160 million in New York City…