|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Apr 27, 2021||reported and committed to finance|
|Jan 13, 2021||referred to cities 1|
senate Bill S1548
Current Bill Status - In Senate Committee Finance Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1548 (ACTIVE) - Details
S1548 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1548 SPONSOR: HOYLMAN TITLE OF BILL: 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 SUMMARY OF SPECIFIC PROVISIONS: Section 1 of the bill amends section 11-704(h)(2) of the New York City Administrative Code ("Exemptions and deductions from base rent") to exempt commercial premises with a base rent of less than $1 million per year from the Commercial Rent Tax levied on premises in Manhattan south of 96th Street, for a period retroactive to June 1, 2020 through the day prior to the commencement of the tax period following the later of (a) the expiration of the state disaster emergency declared by Governor Cuomo in Executive Order 202 of 2020, or (b) the state of emergency declared by Mayor de Blasio in Executive Order 98 issued on March 12, 2020.
S1548 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1548 2021-2022 Regular Sessions I N S E N A T E January 13, 2021 ___________ Introduced by Sen. HOYLMAN -- read twice and ordered printed, and when printed to be committed to the Committee on Cities 1 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
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