Amd SS499-a, 499-c & 499-d, RPT L; amd S11-704, NYC Ad Cd
Extends a real property tax abatement program for certain commercial properties in cities having a population of one million or more and extends a special reduction under the commercial rent tax in the city of New York.
STATE OF NEW YORK
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7135
IN SENATE
March 15, 2010
___________
Introduced by Sen. SQUADRON -- read twice and ordered printed, and when
printed to be committed to the Committee on Cities
AN ACT to amend the real property tax law and the administrative code of
the city of New York, in relation to extending a real property tax
abatement program for certain commercial properties in cities having a
population of one million or more and in relation to extending a
special reduction under the commercial rent tax in the city of New
York
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivisions 5 and 9 of section 499-a of the real property
2 tax law, as amended by section 1 of part O of chapter 60 of the laws of
3 2007, are amended to read as follows:
4 5. "Benefit period." The period commencing with the first day of the
5 month immediately following the rent commencement date and terminating
6 no later than sixty months thereafter, provided, however, that with
7 respect to a lease commencing on or after April first, nineteen hundred
8 ninety-seven with an initial lease term of less than five years, but not
9 less than three years, the period commencing with the first day of the
10 month immediately following the rent commencement date and terminating
11 no later than thirty-six months thereafter. Notwithstanding the forego-
12 ing sentence, a benefit period shall expire no later than March thirty-
13 first, two thousand [sixteen] twenty.
14 9. "Eligibility period." The period commencing April first, nineteen
15 hundred ninety-five and terminating March thirty-first, two thousand
16 [ten] fourteen.
17 § 2. Paragraph (a) of subdivision 3 of section 499-c of the real prop-
18 erty tax law, as amended by section 2 of part O of chapter 60 of the
19 laws of 2007, is amended to read as follows:
20 (a) For purposes of determining whether the amount of expenditures
21 required by subdivision one of this section have been satisfied, expend-
22 itures on improvements to the common areas of an eligible building shall
23 be included only if work on such improvements commenced and the expendi-
24 tures are made on or after April first, nineteen hundred ninety-five and
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD16417-02-0
S. 7135 2
1 on or before September thirtieth, two thousand [ten] fourteen; provided,
2 however, that expenditures on improvements to the common areas of an
3 eligible building made prior to three years before the lease commence-
4 ment date shall not be included.
5 § 3. Subdivision 8 of section 499-d of the real property tax law, as
6 amended by section 3 of part O of chapter 60 of the laws of 2007, is
7 amended to read as follows:
8 8. Leases commencing on or after April first, nineteen hundred nine-
9 ty-seven shall be subject to the provisions of this title as amended by
10 chapter six hundred twenty-nine of the laws of nineteen hundred ninety-
11 seven, chapter one hundred eighteen of the laws of two thousand one,
12 chapter four hundred forty of the laws of two thousand three [and the],
13 chapter sixty of the laws of two thousand seven [that added this phrase]
14 and the chapter of the laws of two thousand ten that added this phrase.
15 Notwithstanding any other provision of law to the contrary, with respect
16 to leases commencing on or after April first, nineteen hundred ninety-
17 seven, an application for a certificate of abatement shall be considered
18 timely filed if filed within one hundred eighty days following the lease
19 commencement date or within sixty days following the date chapter six
20 hundred twenty-nine of the laws of nineteen hundred ninety-seven became
21 a law, whichever is later.
22 § 4. Subparagraph (a) of paragraph 2 of subdivision i of section
23 11-704 of the administrative code of the city of New York, as amended by
24 section 4 of part O of chapter 60 of the laws of 2007, is amended to
25 read as follows:
26 (a) An eligible tenant of eligible taxable premises shall be allowed a
27 special reduction in determining the taxable base rent for such eligible
28 taxable premises. Such special reduction shall be allowed with respect
29 to the rent for such eligible taxable premises for a period not exceed-
30 ing sixty months or, with respect to a lease commencing on or after
31 April first, nineteen hundred ninety-seven with an initial lease term of
32 less than five years, but not less than three years, for a period not
33 exceeding thirty-six months, commencing on the rent commencement date
34 applicable to such eligible taxable premises, provided, however, that in
35 no event shall any special reduction be allowed for any period beginning
36 after March thirty-first, two thousand [sixteen] twenty. For purposes
37 of applying such special reduction, the base rent for the base year
38 shall, where necessary to determine the amount of the special reduction
39 allowable with respect to any number of months falling within a tax
40 period, be prorated by dividing the base rent for the base year by
41 twelve and multiplying the result by such number of months.
42 § 5. This act shall take effect immediately, provided, however that if
43 this act shall have become a law after April 1, 2010, it shall be deemed
44 to have been in full force and effect on and after April 1, 2010.
