NY S08748

Creates a real property tax abatement program for small businesses (50 or fewer employees) occupying non-residential or mixed-use buildings in cities with populations over one million, effective April 1, 2018 through March 31, 2028.

Requires landlords to execute 10-year leases with renewal clauses limiting annual rent increases to no more than 3 percent to qualify for abatement.

Provides tax abatements calculated as the lesser of $2.50 per square foot or 50 percent of tax liability per square foot, with abatements declining from years 6-10 (two-thirds in years 6-8, one-third in years 9-10).

Mandates annual certification of continuing eligibility by applicants; abatements are revoked if tenants vacate, premises cease commercial use, or property taxes remain unpaid for over one year.

Prohibits landlords from passing tax abatement benefits to non-eligible tenants and requires abatement reductions if commercial floor area decreases; establishes Department of Finance authority to administer the program and deny applications containing false or misleading statements.