assembly Bill A2380

2021-2022 Legislative Session

Establishes the COVID-19 small business recovery lease act of 2021

download bill text pdf

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Current Bill Status - In Assembly 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
Jan 19, 2021 referred to real property taxation

Co-Sponsors

A2380 (ACTIVE) - Details

See Senate Version of this Bill:
S2140
Law Section:
Real Property Tax Law
Laws Affected:
Add Art 4 Title 6 §§499-aaaaa & 499-bbbbb, RPT L
Versions Introduced in 2019-2020 Legislative Session:
A10936, S8904

A2380 (ACTIVE) - Summary

Establishes the COVID-19 small business recovery lease act of 2021; 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.

A2380 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2380
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 19, 2021
                                ___________
 
 Introduced  by  M.  of  A.  NIOU, ROZIC, FRONTUS, SIMON -- read once and
   referred to the Committee on Real Property Taxation
 
 AN ACT to amend the real property tax law, in relation  to  establishing
   the  COVID-19 small business recovery lease act of 2021; and providing
   for the repeal of such provisions upon expiration thereof

   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 2021".
   § 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)
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.