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NY S00451
Bill
Status
1/8/2025
Primary Sponsor
Brad Hoylman-Sigal
Click for details
AI Summary
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Eliminates the commercial rent tax entirely (100% reduction) for retail and food services businesses in Manhattan south of 96th Street that have an annualized base rent under $1 million
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Maintains the existing 35% base rent reduction for other commercial tenants in the same geographic area who do not qualify for the full exemption
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Applies specifically to taxable premises in the borough of Manhattan south of the center line of 96th Street, which is the designated commercial rent tax zone
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Takes effect on July 1st following enactment of the 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
1/8/2025