Sen. Daniel Squadron sponsored a bill in the New York State Senate that extends commercial tax incentives for businesses in Lower Manhattan.
Around 12:30 this morning, the New York State Senate passed a bill sponsored by Sen. Daniel Squadron that will extend commercial tax incentives for businesses in Lower Manhattan. The bill was sponsored by Speaker Sheldon Silver in the State Assembly and passed there under his leadership in June.
Yesterday's Senate session was the first following the resolution of a month-long stalemate. Gov. David Paterson called the Senate into session at 3 p.m. yesterday. The work of debating and passing bills began around 8:30 p.m. and continued until 2 a.m. More than 100 bills were passed during this session, some without debate.
The bill to extend commercial tax incentives for businesses in Lower Manhattan passed unanimously. It will become effective after it has been signed by the governor and will be retroactive to June 30, 2009.
Sen. Squadron and Speaker Silver's bill extends the commercial rent tax reduction for retail space in Lower Manhattan by four years, until June 30, 2013. It also extends the sales tax exemption for office equipment purchased for use in offices below Canal Street. In addition, the legislation includes a sales tax exemption for tenants occupying office space in the World Trade Center, World Financial Center and Battery Park City areas.
The tax exemptions are designed to help Lower Manhattan retain retail and commercial occupants "and help return," in Sheldon Silver's words, "Lower Manhattan to its position as the third largest central business district in the nation."
- Terese Loeb Kreuzer