NY A07996

Authorizes cities with populations of one million or more to establish designated "abatement zones" where landlords can receive property tax abatements for leasing to small businesses (50 or fewer employees)

Requires landlords to offer 10-year leases with renewal clauses limiting rent increases to no more than 3% annually to qualify for the tax abatement

Provides a phased tax abatement: full abatement (up to $2.50 per square foot or 50% of tax liability) for years 1-5, two-thirds for years 6-8, and one-third for years 9-10

Establishes an eligibility period from April 1, 2025 through March 31, 2041, with benefit periods lasting up to 120 months per qualifying lease

Mandates annual certification of continuing eligibility and authorizes revocation of abatements if tenants vacate, taxes go unpaid for over one year, or landlords fail to comply with requirements