From the Daily News:City property owners failed to report an estimated $20 million in income from billboards attached to their buildings over a two-year period.
That’s according to an audit this week from state and city controllers Thomas DiNapoli and John Liu, who say the New York City Department of Finance has been too lax about penalizing building owners.
A whopping 82% of the 871 city buildings with billboards on them didn’t report any income from the outdoor ad space in the tax years 2009 and 2010, the audit said.
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