NY A02380

Authorizes cities with populations of one million or more to offer real property tax abatements to properties where owners enter into COVID-19 recovery leases with eligible small business tenants.

Defines COVID-19 recovery leases as commercial lease agreements with terms of at least ten years, entered into within two years of the act's effective date, where either party has suffered financial hardship during the COVID-19 covered period (March 7, 2020 through the end of the state disaster emergency).

Requires local laws to establish the benefit period (maximum ten years) for tax abatements, the manner of determining financial hardship, maximum annual rent increases, abatement calculation methods, and other necessary terms.

Limits tax abatements so they cannot exceed the property's actual tax liability.

Expires and is repealed 12 years after becoming law.