Bill Text: NY A03070 | 2021-2022 | General Assembly | Introduced
Bill Title: Reduces certain commercial rent taxes for premises located in the borough of Manhattan south of the center line of ninety-sixth street during the COVID-19 state disaster emergency.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-01-05 - referred to ways and means [A03070 Detail]
Download: New_York-2021-A03070-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 3070 2021-2022 Regular Sessions IN ASSEMBLY January 22, 2021 ___________ Introduced by M. of A. EPSTEIN -- read once and referred to the Commit- tee on Ways and Means AN ACT to amend the administrative code of the city of New York, in relation to reducing certain commercial rent taxes during the COVID-19 state disaster emergency 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 of the city of New York for the year 1997, is amended to read 4 as follows: 5 (2) In the case of any taxable premises located in the borough of 6 Manhattan south of the center line of ninety-sixth street, the base rent 7 for such premises shall be reduced by (i) fifteen percent for the period 8 beginning March first, nineteen hundred ninety-six and ending May thir- 9 ty-first, nineteen hundred ninety-six, (ii) twenty-five percent for the 10 period beginning June first, nineteen hundred ninety-six and ending 11 August thirty-first, nineteen hundred ninety-eight, and (iii) thirty- 12 five percent for periods beginning September first, nineteen hundred 13 ninety-eight and thereafter, such reduction to be made after all other 14 exemptions and deductions authorized by this chapter have been taken, 15 except that the base rent for such premises with a base rent of less 16 than one million dollars per year shall be reduced by one hundred 17 percent for the period beginning June first, two thousand twenty and 18 ending on the day prior to the commencement of the tax period succeeding 19 the later of the expiration of the state disaster emergency declared 20 pursuant to executive order two hundred two of two thousand twenty or 21 the state of emergency declared by the mayor's emergency executive order 22 ninety-eight, published March twelfth, two thousand twenty, as extended. 23 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02803-01-1
