Senate Bill S2962A

2023-2024 Legislative Session

Relates to creating the Neighborhood Small Business Rent Increase Exemption

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

2023-S2962 - Details

Current Committee:
Senate Finance
Law Section:
Real Property Tax Law
Laws Affected:
Add Art 4 Title 7 §§499-aaaaaa - 499-hhhhhh, RPT L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8748
2019-2020: S2298
2021-2022: S2957

2023-S2962 - Summary

Relates to creating the Neighborhood Small Business Rent Increase Exemption; provides a tax abatement for limiting rent increases on small businesses in a city of one million or more persons.

2023-S2962 - Sponsor Memo

2023-S2962 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2962
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 26, 2023
                                ___________
 
 Introduced  by  Sens.  KAVANAGH,  GOUNARDES,  JACKSON  -- read twice and
   ordered printed, and when printed to be committed to the Committee  on
   Cities 1
 
 AN  ACT  to amend the real property tax law, in relation to creating the
   Mom and Pop Rent Increase Exemption
 
   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 "Mom and Pop Rent Increase Exemption".
   § 2. Article 4 of the real property tax law is amended by adding a new
 title 7 to read as follows:
                                  TITLE 7
       TAX ABATEMENT FOR LIMITING RENT INCREASES ON SMALL BUSINESSES
                 IN A CITY OF ONE MILLION OR MORE PERSONS
 SECTION 499-AAAAAA. DEFINITIONS.
         499-BBBBBB. REAL PROPERTY TAX ABATEMENT.
         499-CCCCCC. ELIGIBILITY REQUIREMENTS.
         499-DDDDDD. APPLICATION FOR CERTIFICATE OF ABATEMENT.
         499-EEEEEE. ENFORCEMENT AND ADMINISTRATION.
         499-FFFFFF. REPORTING REQUIREMENTS; REVOCATION OF ABATEMENTS.
         499-GGGGGG. TAX LIEN; INTEREST AND PENALTY.
         499-HHHHHH. CONFIDENTIALITY.
   § 499-AAAAAA. DEFINITIONS. WHEN USED  IN  THIS  TITLE,  THE  FOLLOWING
 TERMS SHALL MEAN OR INCLUDE:
   1.  "ABATEMENT BASE." THE LESSER OF (I) TWO DOLLARS AND FIFTY CENTS OF
 THE TAX LIABILITY PER SQUARE FOOT OR (II) FIFTY PER CENTUM  OF  THE  TAX
 LIABILITY PER SQUARE FOOT.
   2.  "ABATEMENT  ZONE."  ANY  AREA OF A CITY HAVING A POPULATION OF ONE
 MILLION OR MORE. ANY TAX LOT THAT IS PARTLY LOCATED INSIDE AN  ABATEMENT
 ZONE SHALL BE DEEMED TO BE ENTIRELY LOCATED INSIDE SUCH ZONE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07229-01-3
 S. 2962                             2
              

co-Sponsors

2023-S2962A (ACTIVE) - Details

Current Committee:
Senate Finance
Law Section:
Real Property Tax Law
Laws Affected:
Add Art 4 Title 7 §§499-aaaaaa - 499-hhhhhh, RPT L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8748
2019-2020: S2298
2021-2022: S2957

2023-S2962A (ACTIVE) - Summary

Relates to creating the Neighborhood Small Business Rent Increase Exemption; provides a tax abatement for limiting rent increases on small businesses in a city of one million or more persons.

2023-S2962A (ACTIVE) - Sponsor Memo

2023-S2962A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2962--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 26, 2023
                                ___________
 
 Introduced  by  Sens.  KAVANAGH,  GOUNARDES,  JACKSON  -- read twice and
   ordered printed, and when printed to be committed to the Committee  on
   Cities  1  --  reported favorably from said committee and committed to
   the Committee  on  Finance  --  committee  discharged,  bill  amended,
   ordered reprinted as amended and recommitted to said committee

 AN  ACT  to amend the real property tax law, in relation to creating the
   Neighborhood Small Business Rent Increase Exemption
 
   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 "Neighborhood Small Business Rent Increase Exemption".
   § 2. Article 4 of the real property tax law is amended by adding a new
 title 7 to read as follows:
                                  TITLE 7
         TAX ABATEMENT FOR LIMITING RENT INCREASES ON NEIGHBORHOOD
                             SMALL BUSINESSES
                 IN A CITY OF ONE MILLION OR MORE PERSONS
 SECTION 499-AAAAAA. DEFINITIONS.
         499-BBBBBB. AUTHORITY TO ENACT  LOCAL  LAW;  REAL  PROPERTY  TAX
                        ABATEMENT.
         499-CCCCCC. ELIGIBILITY REQUIREMENTS.
         499-DDDDDD. APPLICATION FOR CERTIFICATE OF ABATEMENT.
         499-EEEEEE. ENFORCEMENT AND ADMINISTRATION.
         499-FFFFFF. REPORTING REQUIREMENTS; REVOCATION OF ABATEMENTS.
         499-GGGGGG. TAX LIEN; INTEREST AND PENALTY.
         499-HHHHHH. CONFIDENTIALITY.
   §  499-AAAAAA.  DEFINITIONS.  WHEN  USED  IN THIS TITLE, THE FOLLOWING
 TERMS SHALL MEAN OR INCLUDE:
   1. "ABATEMENT BASE." THE LESSER OF (I) TWO DOLLARS AND FIFTY CENTS  OF
 THE  TAX  LIABILITY  PER SQUARE FOOT OR (II) FIFTY PER CENTUM OF THE TAX
 LIABILITY PER SQUARE FOOT.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07229-02-3
              

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