Bill > A06580

This bill amends the New York City administrative code to provide a full 100% reduction in commercial rent tax for certain retail and food services businesses located in Manhattan south of 96th Street, specifically targeting businesses with an annual base rent of less than one million dollars. Previously, the commercial rent tax for premises in this area was reduced by varying percentages (15%, 25%, and 35% at different periods), but this new legislation completely eliminates the tax for qualifying small retail and food service businesses. The bill represents a significant tax relief measure for small businesses in lower Manhattan, potentially helping to support local entrepreneurs and reduce the financial burden on smaller commercial tenants. The tax reduction will take effect on the first day of July following the bill becoming law, providing immediate financial relief to eligible businesses in the specified area.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A6580