The New York State Senate

 
                     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