Wealth Tax Watch- A Mid-Year Update

Short summary

A mid-2026 survey covers six state and local wealth tax developments including NYC's Pied-à-Terre Tax (effective July 2026), California's proposed Billionaire Tax Act (Proposition 40 on November ballot), and various mansion and surtax proposals. NYC's proposed rules detail primary-residency determinations and audit procedures with penalties up to 300%. The article is not AI-related but relevant to tax planning professionals.

• •NYC Pied-à-Terre Tax effective July 2026 with proposed audit rules and penalties up to 300%
• •California Proposition 40 proposes 5% excise tax on net worth over $1B heading to November ballot
• •Multiple states advancing wealth tax proposals including RI, CT, and failed San Diego measure

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