New York S 451: Reduces certain commercial rent taxes for premises occupied by certain retail and food services businesses located in the borough of Manhattan south of the center line of ninety-sixth street

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S00451 Summary:

BILL NOS00451 

&nbsp

SAME ASSAME AS A06580

&nbsp

SPONSORHOYLMAN-SIGAL

&nbsp

COSPNSRSCARCELLA-SPANTON

&nbsp

MLTSPNSR

&nbsp

Amd §11-704, NYC Ad Cd

&nbsp

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.

Go to top S00451 Actions:

BILL NOS00451 

&nbsp

01/08/2025REFERRED TO CITIES 1

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Go to topS00451 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 451

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sen. HOYLMAN-SIGAL -- read twice and ordered printed, and
 when printed to be committed to the Committee on Cities 1

 AN ACT to amend the administrative code of the city of New York, in
 relation to reducing certain commercial rent taxes for premises occu-
 pied by certain retail and food services businesses

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Paragraph 2 of subdivision h of section 11-704 of the
 2 administrative code of the city of New York, as amended by local law
 3 number 63 for the year 1997, is amended to read as follows:
 4 (2) In the case of any taxable premises located in the borough of
 5 Manhattan south of the center line of ninety-sixth street, the base rent
 6 for such premises shall be reduced by (i) fifteen percent for the period
 7 beginning March first, nineteen hundred ninety-six and ending May thir-
 8 ty-first, nineteen hundred ninety-six, (ii) twenty-five percent for the
 9 period beginning June first, nineteen hundred ninety-six and ending
 10 August thirty-first, nineteen hundred ninety-eight, and (iii) thirty-
 11 five percent for periods beginning September first, nineteen hundred
 12 ninety-eight and thereafter, such reduction to be made after all other
 13 exemptions and deductions authorized by this chapter have been taken,
 14 except that the base rent for a taxable premises which is occupied by a
 15 retail business or food services business with an annualized base rent
 16 of less than one million dollars shall be reduced by one hundred
 17 percent.
 18 § 2. This act shall take effect on the first of July next succeeding
 19 the date on which it shall have become a law.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01957-01-5

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