Loading chat...
NY S06555
Bill
Status
4/26/2023
Primary Sponsor
Brad Hoylman-Sigal
Click for details
AI Summary
-
Amends the administrative code of New York City to modify commercial rent tax reductions for premises in Manhattan south of 96th Street.
-
Retail and food services businesses with annualized base rent of less than $1 million receive a 100 percent reduction in base rent taxes.
-
Existing tax reduction tiers (15 percent, 25 percent, and 35 percent based on time periods) continue to apply to other businesses not meeting the eligibility criteria.
-
The act takes effect on July 1st following the date the bill becomes law.
Legislative Description
Reduces certain commercial rent taxes for premises occupied by certain retail or food services businesses having a base rent of less than one million dollars per year and located in the borough of Manhattan south of the center line of ninety-sixth street.
Last Action
REFERRED TO CITIES 1
1/3/2024