Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Aug 17, 2020 |
referred to real property taxation |
Assembly Bill A10936
2019-2020 Legislative Session
Sponsored By
NIOU
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
Nily Rozic
Mathylde Frontus
Jo Anne Simon
2019-A10936 (ACTIVE) - Details
2019-A10936 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10936 I N A S S E M B L Y August 17, 2020 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Niou) -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the real property tax law, in relation to establishing the COVID-19 small business recovery lease act of 2020 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Short title. This act shall be known and may be cited as the "COVID-19 small business recovery lease act of 2020". § 2. Article 4 of the real property tax law is amended by adding a new title 6 to read as follows: TITLE 6 AUTHORIZATION OF REAL PROPERTY TAX ABATEMENT FOR CERTAIN PROPERTIES ENTERING INTO COVID-19 RECOVERY LEASES SECTION 499-AAAAA. DEFINITIONS. 499-BBBBB. REAL PROPERTY TAX ABATEMENT. § 499-AAAAA. DEFINITIONS. FOR THE PURPOSE OF THIS TITLE: 1. "ELIGIBLE COMMERCIAL TENANT" SHALL MEAN A SMALL BUSINESS, AS DEFINED BY SECTION ONE HUNDRED THIRTY-ONE OF THE ECONOMIC DEVELOPMENT LAW, THAT ENTERS INTO OR SEEKS TO ENTER INTO A COVID-19 RECOVERY LEASE FOR PROPERTY SUCH TENANT CURRENTLY OCCUPIES, OR FOR PROPERTY THAT IS VACANT FOR REASONS OTHER THAN EVICTION. 2. "COVID-19 RECOVERY LEASE" SHALL MEAN A COMMERCIAL LEASE AGREEMENT THAT: (A) IS ENTERED INTO WITHIN TWO YEARS OF THE EFFECTIVE DATE OF THIS TITLE BETWEEN AN ELIGIBLE COMMERCIAL TENANT AND A PROPERTY OWNER, WHERE EITHER THE ELIGIBLE COMMERCIAL TENANT OR THE PROPERTY OWNER HAS SUFFERED A FINANCIAL HARDSHIP DURING THE COVID-19 COVERED PERIOD, OR BOTH HAVE SUFFERED SUCH A HARDSHIP; (B) HAS A TERM OF NOT LESS THAN TEN YEARS; (C) PROVIDES FOR ANNUAL RENT INCREASES DURING A TERM OF NOT LESS THAN AT LEAST TEN YEARS THAT DO NOT EXCEED THE AMOUNTS PERMITTED PURSUANT TO A LOCAL LAW ENACTED FOR THE PURPOSE OF SETTING SUCH MAXIMUM INCREASES; (D) SETTLES ANY ARREARS OWED BY THE TENANT PURSUANT TO ANY PREVIOUS LEASE AGREEMENT FOR THE LEASED PROPERTY; AND (E) INCLUDES ANY ADDITIONAL PROVISIONS THAT MAY BE REQUIRED PURSUANT TO LOCAL LAW. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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