senate Bill S8904

2019-2020 Legislative Session

Establishes the COVID-19 small business recovery lease act of 2020

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Rules Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Aug 12, 2020 referred to rules

Co-Sponsors

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S8904 (ACTIVE) - Details

See Assembly Version of this Bill:
A10936
Current Committee:
Senate Rules
Law Section:
Real Property Tax Law
Laws Affected:
Add Art 4 Title 6 §§499-aaaaa & 499-bbbbb, RPT L

S8904 (ACTIVE) - Summary

Establishes the COVID-19 small business recovery lease act of 2020; authorizes real property tax abatements for certain properties entering into COVID-19 recovery leases in a city having a population of one million or more.

S8904 (ACTIVE) - Sponsor Memo

S8904 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8904
 
                             I N  S E N A T E
 
                              August 12, 2020
                                ___________
 
 Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the real property tax law, in relation  to  establishing
   the COVID-19 small business recovery lease act of 2020
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Short title. This act shall be known and may  be  cited  as
 the "COVID-19 small business recovery lease act of 2020".
   § 2. Article 4 of the real property tax law is amended by adding a new
 title 6 to read as follows:
                                  TITLE 6
         AUTHORIZATION OF REAL PROPERTY TAX ABATEMENT FOR CERTAIN
             PROPERTIES ENTERING INTO COVID-19 RECOVERY LEASES
 SECTION 499-AAAAA. DEFINITIONS.
         499-BBBBB. REAL PROPERTY TAX ABATEMENT.
   § 499-AAAAA. DEFINITIONS. FOR THE PURPOSE OF THIS TITLE:
   1.  "ELIGIBLE  COMMERCIAL  TENANT"  SHALL  MEAN  A  SMALL BUSINESS, AS
 DEFINED BY SECTION ONE HUNDRED THIRTY-ONE OF  THE  ECONOMIC  DEVELOPMENT
 LAW,  THAT  ENTERS INTO OR SEEKS TO ENTER INTO A COVID-19 RECOVERY LEASE
 FOR PROPERTY SUCH TENANT CURRENTLY OCCUPIES, OR  FOR  PROPERTY  THAT  IS
 VACANT FOR REASONS OTHER THAN EVICTION.
   2.  "COVID-19  RECOVERY LEASE" SHALL MEAN A COMMERCIAL LEASE AGREEMENT
 THAT: (A) IS ENTERED INTO WITHIN TWO YEARS OF THE EFFECTIVE DATE OF THIS
 TITLE BETWEEN AN ELIGIBLE COMMERCIAL TENANT AND A PROPERTY OWNER,  WHERE
 EITHER THE ELIGIBLE COMMERCIAL TENANT OR THE PROPERTY OWNER HAS SUFFERED
 A  FINANCIAL  HARDSHIP  DURING THE COVID-19 COVERED PERIOD, OR BOTH HAVE
 SUFFERED SUCH A HARDSHIP; (B) HAS A TERM OF NOT LESS THAN TEN YEARS; (C)
 PROVIDES FOR ANNUAL RENT INCREASES DURING A TERM OF  NOT  LESS  THAN  AT
 LEAST  TEN  YEARS THAT DO NOT EXCEED THE AMOUNTS PERMITTED PURSUANT TO A
 LOCAL LAW ENACTED FOR THE PURPOSE OF SETTING SUCH MAXIMUM INCREASES; (D)
 SETTLES ANY ARREARS OWED BY THE TENANT PURSUANT TO  ANY  PREVIOUS  LEASE
 AGREEMENT  FOR  THE  LEASED  PROPERTY;  AND  (E) INCLUDES ANY ADDITIONAL
 PROVISIONS THAT MAY BE REQUIRED PURSUANT TO LOCAL LAW.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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