NY Bill Would Suspend NYC Commercial Rent Tax Amid Virus

New York would suspend commercial rent tax for certain lower-rent tenants below 96th Street in Manhattan as a response to the novel coronavirus pandemic, under a bill introduced in the state Assembly.

A.B. 3070, which Assemblyman Harvey Epstein, D-Manhattan, introduced Friday, would suspend commercial rent tax for tenants with rent of less than $1 million a year. Currently, tenants below 96th Street in Manhattan are required to pay commercial rent tax if their annual rent is more than $250,000.

If enacted, the suspension would begin June 1, 2020, and end in the tax period after Democratic Mayor Bill de Blasio's coronavirus emergency executive order expires.

--Editing by Tim Ruel.

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