NEW YORK — New York University and Columbia University are in danger of losing their tax exempt status, which translates to hundreds of millions of dollars a year.
Columbia and NYU are known for many things — excellent education, beautiful campuses, and not paying property taxes. According to the state constitution, they don’t have to. But that could soon change.
“We’re standing here speaking about two institutions whose combined endowments are valued at north of $20 billion,” Queens Assemblyman Zohran Mamdani said.
A bill being introduced by Mamdani would repeal the tax exempt status of private universities that received property tax exemptions of $100 million or more during the prior year. Columbia and NYU fall into that category; together, they saved $327 million in tax breaks.
R&I – TP
RandyMarsh
Article URL : https://www.cbsnews.com/newyork/news/nyu-columbia-tax-exempt-status-bill/