Monday, March 24, 2008

India, Mongolia and the Philippines owe NYC!

1st NW Quadrant\The Approval Matrix: Week of March 31, 2008

"The governments of India, Mongolia and the Philippines owe New York City roughly $57 million in property taxes, a federal judge has ruled, closing a long chapter in the Bloomberg administration's efforts to force foreign governments to shoulder some of the costs of their
presence at the United Nations.

The ruling, released on Monday by Judge Jed S. Rakoff of the United States District Court in Manhattan, awards the city $42.3 million from India, $10.9 million from the Philippines and $4.4 million from Mongolia. The bulk of the amount is interest that had accrued on outstanding taxes over decades.

Whether that money will ultimately land in New York's coffers remains to be seen, since the city cannot enforce the liens in the usual way by foreclosing on the buildings.
-- New York Times

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