New York A 7996: Relates to creating the Neighborhood Small Business Rent Increase Exemption

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A07996 Summary:

BILL NOA07996A

&nbsp

SAME ASSAME AS S01451-A

&nbsp

SPONSORLucas

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add Art 4 Title 7 §§499-aaaaaa - 499-hhhhhh, RPT L

&nbsp

Relates to creating the Neighborhood Small Business Rent Increase Exemption; provides a tax abatement for limiting rent increases on small businesses in a city of one million or more persons.

Go to top A07996 Actions:

BILL NOA07996A

&nbsp

04/16/2025referred to real property taxation

01/07/2026referred to real property taxation

02/23/2026amend and recommit to real property taxation

02/23/2026print number 7996a

Go to topA07996 Committee&nbspVotes:

Go to topA07996 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA07996 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7996--A

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 16, 2025
 ___________

 Introduced by M. of A. LUCAS -- read once and referred to the Committee
 on Real Property Taxation -- recommitted to the Committee on Real
 Property Taxation in accordance with Assembly Rule 3, sec. 2 --
 committee discharged, bill amended, ordered reprinted as amended and
 recommitted to said committee

 AN ACT to amend the real property tax law, in relation to creating the
 Neighborhood Small Business Rent Increase Exemption

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "Neighborhood Small Business Rent Increase Exemption".
 3 § 2. Article 4 of the real property tax law is amended by adding a new
 4 title 7 to read as follows:
 5 TITLE 7
 6 TAX ABATEMENT FOR LIMITING RENT INCREASES ON NEIGHBORHOOD
 7 SMALL BUSINESSES
 8 IN A CITY OF ONE MILLION OR MORE PERSONS
 9 Section 499-aaaaaa. Definitions.
 10 499-bbbbbb. Authority to enact local law; real property tax
 11 abatement.
 12 499-cccccc. Eligibility requirements.
 13 499-dddddd. Application for certificate of abatement.
 14 499-eeeeee. Enforcement and administration.
 15 499-ffffff. Reporting requirements; revocation of abatements.
 16 499-gggggg. Tax lien; interest and penalty.
 17 499-hhhhhh. Confidentiality.
 18 § 499-aaaaaa. Definitions. When used in this title, the following
 19 terms shall mean or include:
 20 1. "Abatement base." The lesser of (i) two dollars and fifty cents of
 21 the tax liability per square foot or (ii) fifty per centum of the tax
 22 liability per square foot.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04149-02-6

 A. 7996--A 2

 1 2. "Abatement zone." Any area of a city having a population of one
 2 million or more designated by local law pursuant to this title as an
 3 abatement zone. Any tax lot that is partly located inside an abatement
 4 zone shall be deemed to be entirely located inside such zone.
 5 3. "Aggregate floor area." The sum of the gross areas of the several
 6 floors of a building, measured from the exterior faces of exterior walls
 7 or from the center lines of walls separating two buildings.
 8 4. "Applicant." The landlord and the tenant.
 9 5. "Benefit period." The period commencing with the first day of the
 10 month immediately following the rent commencement date and terminating
 11 no later than one hundred twenty months thereafter.
 12 6. "Billable assessed value." The lesser of the taxable transitional
 13 or the taxable actual assessed value of the eligible building and the
 14 land on which the eligible building is located for the fiscal year in
 15 which the benefit period commences.
 16 7. "Commercial activities." The buying, selling or otherwise providing
 17 of goods or services by a small business.
 18 8. "Department of finance." The department of finance of any city
 19 having a population of one million or more.
 20 9. "Eligible building." With respect to the abatement zone defined in
 21 subdivision two of this section, a non-residential or mixed-use building
 22 which shall not include any building owned by a governmental agency.
 23 Each condominium unit in a building that meets the requirements of this
 24 subdivision shall be considered a separate eligible building.
 25 10. "Eligibility period." The period commen