Assembly Bill A10936

2019-2020 Legislative Session

Establishes the COVID-19 small business recovery lease act of 2020

download bill text pdf

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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

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2019-A10936 (ACTIVE) - Details

See Senate Version of this Bill:
S8904
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Add Art 4 Title 6 §§499-aaaaa & 499-bbbbb, RPT L
Versions Introduced in 2021-2022 Legislative Session:
A2380, S2140

2019-A10936 (ACTIVE) - Summary

Establishes the COVID-19 small business recovery lease act of 2020; authorizes real property tax abatements for certain properties entering into COVID-19 recovery leases in a city having a population of one million or more.

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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