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NY S01548

Bill

Official Source

Status

Introduced

1/13/2021

Primary Sponsor

Brad Hoylman-Sigal

Click for details

Origin

Senate

2021-2022 General Assembly

AI Summary

  • Amends New York City administrative code to modify commercial rent tax reductions for Manhattan premises south of 96th Street
  • Provides 100 percent base rent tax reduction for premises with less than $1 million annual base rent from June 1, 2020 through the day before the tax period following the later of: the expiration of Executive Order 202 of 2020 or Mayor's Emergency Executive Order 98 (published March 12, 2020)
  • Maintains existing tiered reduction percentages (15%, 25%, and 35%) for premises with $1 million or more in annual base rent
  • Takes effect immediately upon enactment

Legislative Description

Reduces certain commercial rent taxes for premises located in the borough of Manhattan south of the center line of ninety-sixth street during the COVID-19 state disaster emergency.

Last Action

REPORTED AND COMMITTED TO FINANCE

3/22/2022

Committee Referrals

Finance3/22/2022
Cities 11/5/2022
Finance4/27/2021
Cities 11/13/2021

Full Bill Text

No bill text available