NY S01041

Establishes a real property tax abatement program for landlords who enter into 10-year leases with nonprofit organization tenants in cities with populations of one million or more, with renewal clauses limiting annual rent increases to no more than 3 percent.

Provides abatement amounts calculated as the lesser of $2.50 per square foot or 50 percent of tax liability per square foot, with abatement declining over the benefit period: full amount for first 5 years, two-thirds for years 6-8, and one-third for years 9-10.

Requires landlords to pass the full abatement amount to renewal tenants through rent reductions and prohibits passing abatement benefits to non-eligible premises or tenants without certificates.

Applicants must apply within 60 days of lease commencement and file annual certificates of continuing eligibility; abatements are revoked if the original tenant vacates, premises cease to be used by the nonprofit, or property taxes remain unpaid for more than one year.

Establishes eligibility period from April 1, 2023 through March 31, 2033, with confidentiality protections for submitted application information.