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Sponsors
No co-sponsors yet.
History
- Substituted by A10241
- Ordered to third reading cal.321
- Committee discharged and committed to rules
- Referred to cities
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 a real property tax abatement program for certain commercial properties and a special reduction under the commercial rent tax
Signed by Governor · Sponsor Sheldon Silver
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the real property tax law and the administrative code of the city of New York, in relation to extending a real property tax abatement program for certain commercial properties in cities having a population of one million or more and in relation to extending a special reduction under the commercial rent tax in the city of New York
Purpose
This bill would extend for four years a real property tax abatement program and a commercial rental tax reduction for certain commercial properties in designated areas of the City of New York.
Summary of provisions
This bill would to amend the Real Property Tax Law and the New York City Administrative Code, to extend a real property tax abatement program and a commercial rental tax reduction for certain commercial properties in cities having a population of one million
Section 1 of the bill would extend the real property tax abatement benefit period from March 31, 2016 to March 31, 2020 and the eligibility period from March 31, 2010 to March 31, 2014.
Section 2 of the bill would extend the time period in which expenditures or improvements. to eligible premises and common areas of eligible buildings must be made to qualify for the real property tax abatement from September 30, 2010 to September 30, 2014.
Section 3 of the bill subjects leases commencing after April 1, 1997 to any amendments made to the provisions of article 4, title 4 of the real property tax law should the bill become law.
Section 4 extends the benefit period for a special reduction in the commercial rent tax in the New York City Administrative Code from March 31, 2015 to March 31, 2020.
Justification
The purpose of this program is to assist in New York City's economic recovery and job creation by encouraging relocation and expansion of businesses to Lower Manhattan.
Legislative history
New in 2010.
Fiscal implications
None to the State.
Effective date
Immediately, provided it shall become law after April 1, 2010, it shall be deemed to have been in full force and effect on and after April 1, 2010.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.