NY S06271

Extends the deadline for special rent reductions on commercial leases from June 30, 2017 to June 30, 2021 for leases with initial or renewal terms of at least five years.

Extends the eligibility period for certain residential real property tax abatements from March 31, 2018 to March 31, 2022 for multiple dwelling improvements.

Extends the benefit period expiration date for rent abatements from March 31, 2024 to March 31, 2028, affecting when tax abatement benefits must be fully utilized.

Extends the deadline for improvements to common areas of eligible buildings to qualify for tax benefits from September 30, 2018 to September 30, 2022.

Updates statutory references to include chapter 20 of the laws of 2015 among the laws governing lease abatements commencing on or after April 1, 1997.