Bill > S09919

This bill enacts the "New York City Arts Space Act" which provides tax benefits for eligible arts spaces. The key provisions are: 1. Defines "Affordable Arts Space" as a space rented or leased by a qualifying nonprofit arts organization for use as studio, rehearsal, performance, or arts/cultural programming open to the public in an eligible multiple dwelling. 2. Outlines requirements for Affordable Arts Spaces, including minimum floor area, rent limits, and leasing terms. 3. Provides tax benefit increases and extensions based on the rent being below the $20 per square foot per year maximum, with higher benefits for spaces rented below $10 per square foot per year. 4. Requires eligible multiple dwellings to comply with the Affordable Arts Space requirements for the duration of the tax benefit period. The bill aims to incentivize the creation and preservation of affordable arts spaces in New York City through these targeted tax benefits.