A.B. 11104, introduced Friday by Assembly Member Harvey Epstein, D-Manhattan, would temporarily roll back the commercial rent tax in New York City for buildings with a base rent of $1 million or less. The exemption would last from June 1, 2020, until the day before the end of the first tax period following either the end of the state's COVID-19-related disaster declared by the governor or the emergency declared by the New York City mayor, whichever comes later, the bill said.
New York City currently imposes a 3.9% tax on commercial tenants with a base rent of $500,000 or more located south of 96th Street in Manhattan, according to a bill justification. The measure would affect an estimated 5,500 businesses, the justification said, and help provide relief amid the economic downturn caused by the novel coronavirus. The bill is meant to mirror similar legislation introduced in July in the New York City Council.
The bill has been referred to the Assembly Committee on Rules.
--Editing by Vincent Sherry.
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