New York City Mayor Zohran Mamdani is seeking to reduce a widely used tax benefit for hedge funds, private equity firms and other high-income business partnerships as part of efforts to close a widening municipal budget gap.
The proposal targets the pass-through entity tax (PTET), a structure that allows certain business owners to offset federal limits on state and local tax deductions. Under current rules, participants receive a full credit for state and city taxes paid, a mechanism originally...
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