Senate Bill S8748

2017-2018 Legislative Session

Relates to creating the Mom and Pop Rent Increase Exemption

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Cities Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-S8748 (ACTIVE) - Details

Current Committee:
Senate Cities
Law Section:
Real Property Tax Law
Laws Affected:
Add Art 4 Title 7 §§499-fffff - 499-mmmmm, RPT L
Versions Introduced in Other Legislative Sessions:
2019-2020: S2298
2021-2022: S2957
2023-2024: S2962

2017-S8748 (ACTIVE) - Summary

Relates to creating the Mom and Pop Rent Increase Exemption; provides a tax abatement for limiting rent increases on small businesses in a city of one million or more persons.

2017-S8748 (ACTIVE) - Sponsor Memo

2017-S8748 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8748
 
                             I N  S E N A T E
 
                               May 10, 2018
                                ___________
 
 Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
   printed to be committed to the Committee on Cities
 
 AN ACT to amend the real property tax law, in relation to  creating  the
   Mom and Pop Rent Increase Exemption
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. This act shall be known and may be cited as  the  "Mom  and
 Pop Rent Increase Exemption".
   § 2. Article 4 of the real property tax law is amended by adding a new
 title 7 to read as follows:
                                  TITLE 7
       TAX ABATEMENT FOR LIMITING RENT INCREASES ON SMALL BUSINESSES
                 IN A CITY OF ONE MILLION OR MORE PERSONS
 SECTION 499-FFFFF. DEFINITIONS.
         499-GGGGG. REAL PROPERTY TAX ABATEMENT.
         499-HHHHH. ELIGIBILITY REQUIREMENTS.
         499-IIIII. APPLICATION FOR CERTIFICATE OF ABATEMENT.
         499-JJJJJ. ENFORCEMENT AND ADMINISTRATION.
         499-KKKKK. REPORTING REQUIREMENTS; REVOCATION OF ABATEMENTS.
         499-LLLLL. TAX LIEN; INTEREST AND PENALTY.
         499-MMMMM. CONFIDENTIALITY.
   § 499-FFFFF. DEFINITIONS. WHEN USED IN THIS TITLE, THE FOLLOWING TERMS
 SHALL MEAN OR INCLUDE:
   1.  "ABATEMENT BASE." THE LESSER OF (I) TWO DOLLARS AND FIFTY CENTS OF
 THE TAX LIABILITY PER SQUARE FOOT OR (II) FIFTY PER CENTUM  OF  THE  TAX
 LIABILITY PER SQUARE FOOT.
   2.  "ABATEMENT  ZONE."  ANY  AREA OF A CITY HAVING A POPULATION OF ONE
 MILLION OR MORE. ANY TAX LOT THAT IS PARTLY LOCATED INSIDE AN  ABATEMENT
 ZONE SHALL BE DEEMED TO BE ENTIRELY LOCATED INSIDE SUCH ZONE.
   3.  "AGGREGATE  FLOOR AREA." THE SUM OF THE GROSS AREAS OF THE SEVERAL
 FLOORS OF A BUILDING, MEASURED FROM THE EXTERIOR FACES OF EXTERIOR WALLS
 OR FROM THE CENTER LINES OF WALLS SEPARATING TWO BUILDINGS.
   4. "APPLICANT." THE LANDLORD AND THE TENANT.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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