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Sponsors
1 Co-sponsor
History
- Signed chap.203
- Delivered to governor
- Returned to assembly
- Repassed senate
- Vote reconsidered - restored to third reading
- Passed senate
- 3rd reading cal.699
- Substituted for S5880
- Referred to rules
- Delivered to senate
- Passed assembly
- Ordered to third reading rules cal.390
Show 4 earlier actions
- Rules report cal.390
- Reported
- Reported referred to rules
- Referred to ways and means
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Extends the temporary exemption from commercial rent and occupancy tax for premises used for retail sales in lower Manhattan and the WTC area
Senate Floor Calendar · Sponsor Daniel L. Squadron
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A8889
Title of bill
An act to amend the administrative code of the city of New York and the tax law, in relation to the temporary exemption from commercial rent or occupancy tax for premises used for retail sales in lower Manhattan and the World Trade Center area; and to amend part C of chapter 2 of the laws of 2005 amending the tax law relating to exemptions from sales and use taxes, in relation to the effectiveness of provisions thereof
Purpose
To extend the expiration date of the New York City commercial rent reduction and sales tax exemption for areas in lower Manhattan that are due to expire this year.
Summary of provisions
Section one extends the date upon which a lease must be entered into to qualify for the commercial rent tax reduction from June 30, 2009 to June 30, 2013.
Section two extends the date upon which a lease must be entered into in order to be eligible to claim the sales tax exemption for equipping office space in the area of lower Manhattan south of canal street outside of the World Trade Center, World Financial Center and Battery Park City areas from September 1, 2009 to September 1, 2013. In addition, the date upon which a lease must be entered into in order to be eligible to claim the sales tax exemption for equipping office space in the World Trade Center, World Financial Center and Battery Park City areas is extended until September 1, 2015
Justification
Commercial incentives continue to be crucial to maintaining Lower Manhattan as a competitive 24/7 world-class central business district during economic downturns. In 2007, the Legislature enacted several incentives to attract and retain commercial tenants in Lower Manhattan and to encourage the redevelopment of the World Trade Center site. Given today's economic climate and the slow pace of rebuilding the World Trade Center site, the extension of these credits are essential to continue the progress that has been made and ultimately ensuring that Lower Manhattan and New York City can retain its stature as the world's financial capital.
Legislative history
New Bill
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.