New York S 1451: Allows for increases in the amount of income property owners may earn for purposes of qualification for certain tax exemptions

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 Speaker Carl E. Heastie

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S01451 Summary:

BILL NOS01451A

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SAME ASSAME AS A07996-A

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SPONSORKAVANAGH

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COSPNSRGOUNARDES, JACKSON

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MLTSPNSR

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

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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 S01451 Actions:

BILL NOS01451A

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01/10/2025REFERRED TO CITIES 1

02/25/2025REPORTED AND COMMITTED TO FINANCE

01/07/2026REFERRED TO CITIES 1

04/07/2026AMEND AND RECOMMIT TO CITIES 1

04/07/2026PRINT NUMBER 1451A

05/14/2026REPORTED AND COMMITTED TO FINANCE

Go to topS01451 Committee&nbspVotes:

Go to topS01451 Floor&nbspVotes:

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

Go to topS01451 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1451--A

 2025-2026 Regular Sessions

 IN SENATE

 January 10, 2025
 ___________

 Introduced by Sens. KAVANAGH, GOUNARDES, JACKSON -- read twice and
 ordered printed, and when printed to be committed to the Committee on
 Cities 1 -- recommitted to the Committee on Cities 1 in accordance
 with Senate Rule 6, sec. 8 -- 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.
 LBD04149-03-6

 S. 1451--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 subdivis