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.
STATE OF NEW YORK
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3070
2021-2022 Regular Sessions
IN ASSEMBLY
January 22, 2021
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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
