Bill > A10936

This bill establishes the COVID-19 Small Business Recovery Lease Act of 2020, which authorizes real property tax abatements for certain properties in a city 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 a commercial lease agreement of at least 10 years where either the tenant or property owner has suffered financial hardship during the COVID-19 pandemic, the lease includes limits on annual rent increases, and settles any tenant arrears. The city can provide tax abatements for a benefit period of up to 10 years to incentivize these leases and support small business recovery from the pandemic's economic impacts.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2019/A10936