S 451: Reduces certain commercial rent taxes for premises occupied by certain retail or food services businesses having a base rent of less than one million dollars per year and located in the borough of Manhattan south of the center line of ninety-sixth street.

  
  STATE OF NEW YORK ________________________________________________________________________ 451 2025-2026 Regular Sessions  IN SENATE (Prefiled) January 8, 2025 ___________ Introduced by Sen. HOYLMAN-SIGAL -- 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 for premises occu- pied by certain retail and food services businesses The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 2 of subdivision h of section 11-704 of the 2 administrative code of the city of New York, as amended by local law 3 number 63 for the year 1997, is amended to read as follows: 4 (2) In the case of any taxable premises located in the borough of 5 Manhattan south of the center line of ninety-sixth street, the base rent 6 for such premises shall be reduced by (i) fifteen percent for the period 7 beginning March first, nineteen hundred ninety-six and ending May thir- 8 ty-first, nineteen hundred ninety-six, (ii) twenty-five percent for the 9 period beginning June first, nineteen hundred ninety-six and ending 10 August thirty-first, nineteen hundred ninety-eight, and (iii) thirty- 11 five percent for periods beginning September first, nineteen hundred 12 ninety-eight and thereafter, such reduction to be made after all other 13 exemptions and deductions authorized by this chapter have been taken, 14 except that the base rent for a taxable premises which is occupied by a 15 retail business or food services business with an annualized base rent 16 of less than one million dollars shall be reduced by one hundred 17 percent. 18 § 2. This act shall take effect on the first of July next succeeding 19 the date on which it shall have become a law. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01957-01-5