Senate approves 2 percent cap on N.Y.C. tax increases

March 20, 2015

ALBANY—The Republican-led Senate approved legislation Thursday to set a cap on tax increases in New York City.

The bill, sponsored by Senator Andrew Lanza of Staten Island, would establish a 2 percent cap on property tax increases in the five boroughs, similar to the statewide 2 percent cap that exempts New York City.