senate Bill S2140

2021-2022 Legislative Session

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

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Sponsored By

Current Bill Status - In Senate Committee Judiciary 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 20, 2021 referred to judiciary

Co-Sponsors

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S2140 (ACTIVE) - Details

See Assembly Version of this Bill:
A2380
Current Committee:
Senate Judiciary
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:
S8904, A10936

S2140 (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.

S2140 (ACTIVE) - Sponsor Memo

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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