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.
STATE OF NEW YORK
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451
2025-2026 Regular Sessions
IN SENATE(Prefiled)
January 8, 2025
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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
