Assembly Bill A2418

2021-2022 Legislative Session

Relates to creating the Mom and Pop Rent Increase Exemption

download bill text pdf

Sponsored By

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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2021-A2418 (ACTIVE) - Details

See Senate Version of this Bill:
S2957
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Add Art 4 Title 6 §§499-aaaaa - 499-hhhhh, RPT L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8748
2019-2020: A7218, S2298
2023-2024: S2962

2021-A2418 (ACTIVE) - Summary

Relates to creating the Mom and Pop Rent Increase Exemption; provides a tax abatement for limiting rent increases on small businesses in a city of one million or more persons.

2021-A2418 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2418
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 19, 2021
                                ___________
 
 Introduced  by  M.  of  A.  NIOU, SIMON -- read once and referred to the
   Committee on Real Property Taxation
 
 AN ACT to amend the real property tax law, in relation to  creating  the
   Mom and Pop Rent Increase Exemption
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. This act shall be known and may be cited as  the  "Mom  and
 Pop Rent Increase Exemption".
   § 2. Article 4 of the real property tax law is amended by adding a new
 title 6 to read as follows:
                                  TITLE 6
       TAX ABATEMENT FOR LIMITING RENT INCREASES ON SMALL BUSINESSES
                 IN A CITY OF ONE MILLION OR MORE PERSONS
 SECTION 499-AAAAA. DEFINITIONS.
         499-BBBBB. REAL PROPERTY TAX ABATEMENT.
         499-CCCCC. ELIGIBILITY REQUIREMENTS.
         499-DDDDD. APPLICATION FOR CERTIFICATE OF ABATEMENT.
         499-EEEEE. ENFORCEMENT AND ADMINISTRATION.
         499-FFFFF. REPORTING REQUIREMENTS; REVOCATION OF ABATEMENTS.
         499-GGGGG. TAX LIEN; INTEREST AND PENALTY.
         499-HHHHH. CONFIDENTIALITY.
   § 499-AAAAA. DEFINITIONS. WHEN USED IN THIS TITLE, THE FOLLOWING TERMS
 SHALL MEAN OR INCLUDE:
   1.  "ABATEMENT BASE." THE LESSER OF (I) TWO DOLLARS AND FIFTY CENTS OF
 THE TAX LIABILITY PER SQUARE FOOT OR (II) FIFTY PER CENTUM  OF  THE  TAX
 LIABILITY PER SQUARE FOOT.
   2.  "ABATEMENT  ZONE."  ANY  AREA OF A CITY HAVING A POPULATION OF ONE
 MILLION OR MORE. ANY TAX LOT THAT IS PARTLY LOCATED INSIDE AN  ABATEMENT
 ZONE SHALL BE DEEMED TO BE ENTIRELY LOCATED INSIDE SUCH ZONE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04770-01-1

              

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