Bill > A09565

This bill establishes a tax on certain vacant land in the city of New York, with exemptions for certain vacant land. It also creates a tax credit for certain renovations to rent-stabilized properties in the city. The vacant land tax would apply to residential and commercial properties that have been vacant for at least 180 days, unless a building permit has been issued. Revenues from the vacant land tax would be used to fund a tax credit for renovations to rent-stabilized properties and, if revenues exceed the cost of the tax credit, a program to encourage development of vacant properties. The bill specifies the application process for the rent-stabilized unit renovation tax credit and penalties for fraudulent claims.