Bill > S06804

This bill introduces a new commercial vacancy tax targeting commercial storefronts in cities with populations of one million or more, specifically aimed at addressing the issue of vacant or abandoned commercial properties. Under the proposed law, property owners would be required to pay an annual tax of one percent of the assessed property value for any commercial storefront that is considered "vacant or abandoned," which is defined comprehensively to include properties that are unoccupied, unsecured, unsafe, have multiple code violations, or have been unoccupied for over six months. The bill provides several exceptions to the vacancy designation, such as properties with active building permits, properties where owners are actively seeking necessary permits or licenses, or properties that are clearly being marketed for sale or lease through real estate agents or listing services. The tax would take effect in taxable years beginning January 1, 2026, and owners would be required to file returns and pay the tax by the fifteenth day of the fifth month following the close of each taxable year. The revenue collected would be deposited and managed according to existing tax law provisions, with the state tax commissioner granted authority to administer and enforce the new tax through rules and regulations.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S6804