S T A T E O F N E W Y O R K
________________________________________________________________________
3070
2021-2022 Regular Sessions
I N A S S E M B L Y
January 22, 2021
___________
Introduced by M. of A. EPSTEIN -- read once and referred to the Commit-
tee on Ways and Means
AN ACT to amend the administrative code of the city of New York, in
relation to reducing certain commercial rent taxes during the COVID-19
state disaster emergency
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph 2 of subdivision h of section 11-704 of the
administrative code of the city of New York, as amended by local law
number 63 of the city of New York for the year 1997, is amended to read
as follows:
(2) In the case of any taxable premises located in the borough of
Manhattan south of the center line of ninety-sixth street, the base rent
for such premises shall be reduced by (i) fifteen percent for the period
beginning March first, nineteen hundred ninety-six and ending May thir-
ty-first, nineteen hundred ninety-six, (ii) twenty-five percent for the
period beginning June first, nineteen hundred ninety-six and ending
August thirty-first, nineteen hundred ninety-eight, and (iii) thirty-
five percent for periods beginning September first, nineteen hundred
ninety-eight and thereafter, such reduction to be made after all other
exemptions and deductions authorized by this chapter have been taken,
EXCEPT THAT THE BASE RENT FOR SUCH PREMISES WITH A BASE RENT OF LESS
THAN ONE MILLION DOLLARS PER YEAR SHALL BE REDUCED BY ONE HUNDRED
PERCENT FOR THE PERIOD BEGINNING JUNE FIRST, TWO THOUSAND TWENTY AND
ENDING ON THE DAY PRIOR TO THE COMMENCEMENT OF THE TAX PERIOD SUCCEEDING
THE LATER OF THE EXPIRATION OF THE STATE DISASTER EMERGENCY DECLARED
PURSUANT TO EXECUTIVE ORDER TWO HUNDRED TWO OF TWO THOUSAND TWENTY OR
THE STATE OF EMERGENCY DECLARED BY THE MAYOR'S EMERGENCY EXECUTIVE ORDER
NINETY-EIGHT, PUBLISHED MARCH TWELFTH, TWO THOUSAND TWENTY, AS EXTENDED.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02803-01-1