Bill > S08904

This bill establishes the COVID-19 Small Business Recovery Lease Act of 2020, which authorizes real property tax abatements for certain properties in cities with a population of one million or more that enter into COVID-19 recovery leases with eligible small businesses. A COVID-19 recovery lease is defined as a commercial lease agreement of at least 10 years that was entered into within 2 years of the effective date of this law, where either the tenant or property owner suffered financial hardship during the COVID-19 covered period, and includes provisions for limited annual rent increases. The city may establish the specific terms and conditions for these tax abatements through local law, including the duration of the benefit period and the calculation of the abatement amount, subject to certain limitations.

https://www.nysenate.gov/legislation/bills/2019/S8904