|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 20, 2021||referred to judiciary|
senate Bill S2140
Current Bill Status - In Senate Committee Judiciary Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S2140 (ACTIVE) - Details
S2140 (ACTIVE) - Sponsor Memo
BILL NUMBER: S2140 SPONSOR: KAVANAGH TITLE OF BILL: 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 PURPOSE: This bill would authorize the City of New York to enact local legis- lation to offer property owners an abatement on their real property taxes if they enter into recovery leases with their commercial small business tenants. SUMMARY OF PROVISIONS: Section one of the bill creates a new Title 6 in Article 4 of the real property tax law authorizing tax abatements to property owners entering into COVID-19 recovery leases which limit rent increases for certain
S2140 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2140 2021-2022 Regular Sessions I N S E N A T E January 20, 2021 ___________ Introduced by Sens. KAVANAGH, BIAGGI, GOUNARDES, HOYLMAN, KRUEGER, MAY, MYRIE, RIVERA, SEPULVEDA -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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