Bill > A00669

This bill imposes a new commercial vacancy tax in cities with a population of one million or more, targeting commercial storefronts that are vacant or abandoned. The tax would be one percent of the property's assessed value, applicable starting January 1, 2026. A "commercial storefront" is defined as an area within a building that can be leased or rented for business purposes, and "vacant or abandoned" includes storefronts that are unoccupied for over six months, unsecured, unsafe, or have multiple building code violations. The bill provides exceptions for properties with active building permits, those seeking necessary permits or licenses, and storefronts being actively marketed for sale or rent. Property owners would be required to file annual tax returns by the fifteenth day of the fifth month following their taxable year, with the tax payable at the time of filing. The tax commissioner will have the authority to administer the tax, create implementing regulations, and potentially grant extensions for filing or payment. All collected revenues will be deposited according to existing tax law provisions. The primary aim of this legislation appears to be discouraging long-term commercial property vacancies and encouraging active use of commercial spaces in large cities.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A669