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Sponsors
1 Co-sponsor
History
- Substituted by A7806A
- Ordered to third reading cal.1659
- Committee discharged and committed to rules
- Referred to investigations and government operations
Companion bills
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.
Amends various provisions of law relating to Lower Manhattan
In Assembly Committee · Ways And Means · Sponsor Sheldon Silver
Amends various provisions of law relating to Lower Manhattan
Vetoed · Sponsor Sheldon Silver
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5797
Title of bill
An act to amend the tax law, in relation to exempting tangible personal property purchased by a tenant for use directly and exclusively to furnish and equip the tenant's leased premises for use as a commercial office space; 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 thereof (Part A); 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 (Part B); to amend the real property tax law and the administrative code of the city of New York, in relation to applications for tax abatements for industrial and commercial construction work on properties in a city of one million or more persons (Part C); to amend the general city law and the administrative code of the city of New York, in relation to extending the relocation and employment assistance program and the Lower Manhattan relocation and employment assistance program (Part D); to amend the general city law and the administrative code of the city of New York, in relation to extending the special rebates and discounts provided pursuant to the energy cost savings program and the Lower Manhattan energy program (Part E); to amend the administrative code of the city of New York, in relation to the amount of special reduction allowed (Part F); and to amend the real property tax law, in relation to a real estate tax abatement program for certain commercial, industrial and manufacturing properties in a city of one million or more persons (Part G)
Purpose
This bill would amend provisions of the Tax Law, the Real Property Tax Law, the Administrative Code of the City of New York, and the General City Law to extend the sunset dales of the Lower Manhattan Slate and Local Sales Tax Exemptions, the Lower Manhattan Commercial Revitalization Program, the New York City Industrial and Commercial Abatement Program, the New York City and Lower Manhattan Relocation and Employment Assistance Programs, the New York City Energy Cost Savings Program, the Lower Manhattan Energy Program, the Commercial Rent Special Reduction, and the New York City Commercial Expansion Program to two additional years.
Read the full memo (963 words)
Summary of specific provisions
Part A Lower Manhattan State and Local Sales Tax Exemptions This program exempts goods purchased for the build-out of commercial office space in Lower Manhattan from State and Local sales taxes. Minimum lease terms must be five years. Leases must commence prior to September 1, 2015 for tenants in Lower Manhattan and September 1, 2017 for tenants in the World Financial Center, World Trade Center or Battery Park City. The program would be extended for two years.
Part B Lower Manhattan Commercial Revitalization Program The program is intended to increase tenant occupancy in office and retail space. The program eligibility period would be extended for two years.
Part C New York City Industrial and Commercial Abatement Program The Program provides abatements for property taxes for up to 23 years. To qualify, industrial and commercial buildings must be built, modernized, expanded or otherwise physically improved. Those who qualify must spend at least 30 percent of the property's taxable assessed value within four years. The program application period would be extended for two years.
Part D New York City and Lower Manhattan Relocation and Employment Assistance Programs The program offers a credit for businesses that relocate all or pan of their operations to eligible premises. An employment assistance credit of 51,000 per eligible employee is available for the first year of relocation and for a maximum of 11 succeeding tax years. The credit increases to 53,000 for businesses that relocate to designated revitalization areas. The basic program would be extended to June 30, 2015.
Part E New York City Energy Cost Savings Program and Lower Manhattan Energy Program The energy saving credit is available to industrial and commercial companies that relocate to new or improved site. Eligible businesses which purchase energy from a utility supervised by the Public Service. Commission are entitled to receive a discount off of the delivery portion of the electric and gas costs. The program would be extended to June 30, 2015.
Part F Commercial Rent Tax Special Reduction The program provides an exemption from commercial rent or occupancy tax for premises used for leased space in certain NYC areas. The program extends the date upon which a lease must be entered to June 30, 2015.
Part G New York City Commercial Expansion Program This program provides a real property tax reduction for spaces that have been leased for commercial office or industrial purposes. It provides property tax benefits for qualified new, renewal and expansion leases in commercial offices and manufacturing spaces built before 1999 throughout the New York City. The program would be extended for two years.
Justification
The rebuilding of the New York City and the revitalization of Lower Manhattan are critical to both New York City and New York State, especially after the devastating damages by Hurricane Sandy. This omnibus bill assures the continuation of necessary incentives, through the form of tax exemptions, credits and rent subsidies to reward businesses which locate operations or invest in the Lower Manhattan and New York City areas, The bill would extend successful programs that have helped revitalize the New York City and Lower Manhattan by encouraging investments to be eligible for the program.
Prior legislative history
New Bill
Fiscal implications
$10 million
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.