NY S01091

Creates a real property tax abatement program for landlords in cities with populations of one million or more (New York City) who lease commercial space to nonprofit organizations with 10-year leases containing renewal clauses limiting rent increases to no more than 3% annually

Provides a tax abatement calculated as the lesser of $2.50 per square foot or 50% of tax liability per square foot, with full abatement for years 1-5, two-thirds for years 6-8, and one-third for years 9-10 of the benefit period

Establishes an eligibility period from April 1, 2027 through March 31, 2037, with applications accepted beginning April 1, 2028

Requires annual certificates of continuing eligibility and allows the Department of Finance to revoke abatements if tenants vacate, sublet, taxes remain unpaid for over one year, or if applications contain false statements

Prohibits abatement benefits from being passed to non-eligible tenants and requires landlords to reduce rent for renewal tenants by the full amount of any abatement received