Bill Text: NY S00451 | 2025-2026 | General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2025-01-08 - REFERRED TO CITIES 1 [S00451 Detail]

Download: New_York-2025-S00451-Introduced.html

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                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