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Bill > S00451
NY S00451
NY S00451Reduces certain commercial rent taxes for premises occupied by certain retail or food services businesses having a base rent of less than one million dollars per year and located in the borough of Manhattan south of the center line of ninety-sixth street.
summary
Introduced
01/08/2025
01/08/2025
In Committee
01/08/2025
01/08/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 General Assembly
Bill Summary
AN ACT to amend the administrative code of the city of New York, in relation to reducing certain commercial rent taxes for premises occupied by certain retail and food services businesses
AI Summary
This bill amends the New York City Administrative Code to provide a full 100% reduction in commercial rent tax for retail and food service businesses located in Manhattan south of 96th Street, specifically targeting those with an annualized base rent of less than one million dollars per year. Previously, the commercial rent tax in this area had a graduated reduction: 15% from March to May 1996, 25% from June 1996 to August 1998, and 35% for periods starting September 1998. The new legislation completely eliminates the commercial rent tax for smaller retail and food service businesses in this designated area of Manhattan, which could provide significant financial relief to small business owners. The bill is set to take effect on the first of July following its passage into law, potentially helping to support and sustain smaller commercial enterprises in a high-cost urban environment.
Committee Categories
Government Affairs
Sponsors (2)
Last Action
REFERRED TO CITIES 1 (on 01/08/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2025/S451 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S00451&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S00451 |
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