The New York City Council - File #: Int 0882-2018

File #:

Int 0882-2018 Version: *

Name:

Commercial rent tax credit.

Type:

Introduction

Status:

Enacted

File created:

5/9/2018

In control:

Committee on Finance

On agenda:

5/9/2018

Final action:

6/23/2018

Title:

A Local Law to amend the administrative code of the city of New York, in relation to a commercial rent tax credit

Sponsors:

Daniel Dromm , (by request of the Mayor)

Attachments:

1. Summary of Int. No. 882, 2. Int. No. 882, 3. May 9, 2018 - Stated Meeting Agenda with Links to Files, 4. Hearing Transcript - Stated Meeting 05-09-18, 5. Minutes of the Stated Meeting - May 9, 2018, 6. Committee Report 5/23/18, 7. Hearing Transcript 5/23/18, 8. May 23, 2018 - Stated Meeting Agenda with Links to Files, 9. Hearing Transcript - Stated Meeting 5-23-18, 10. Minutes of the Stated Meeting - May 23, 2018, 11. Fiscal Impact Statement, 12. Legislative Documents - Letter to the Mayor, 13. Local Law 121

Date	Ver.	Action By	Action	Result	Action Details	Meeting Details	Video
6/27/2018	*	City Council	Returned Unsigned by Mayor		Action details	Meeting details	Not available
6/23/2018	*	Administration	City Charter Rule Adopted		Action details	Meeting details	Not available
5/23/2018	*	City Council	Sent to Mayor by Council		Action details	Meeting details	Not available
5/23/2018	*	City Council	Approved by Council	Pass	Action details	Meeting details	Not available
5/23/2018	*	Committee on Finance	Hearing Held by Committee		Action details	Meeting details	Not available
5/23/2018	*	Committee on Finance	Approved by Committee	Pass	Action details	Meeting details	Not available
5/9/2018	*	City Council	Referred to Comm by Council		Action details	Meeting details	Not available
5/9/2018	*	City Council	Introduced by Council		Action details	Meeting details	Not available

Int. No. 882

By Council Member Dromm (by request of the Mayor)

A Local Law to amend the administrative code of the city of New York, in relation to a commercial rent tax credit

Be it enacted by the Council as follows:

Section 1. Subdivision b of section 11-704.4 of the administrative code of the city of New York, as amended by local law number 256 for the year 2017, is amended to read as follows:

b. Beginning on [July] June 1, 2018 and for each tax year beginning thereafter, a credit shall be allowed against the tax imposed by this chapter as follows: a tenant whose small business tax credit base rent is at least two hundred and fifty thousand dollars but not more than five hundred and fifty thousand dollars shall be allowed a credit in the amount determined by multiplying the tax imposed on the tenant pursuant to section 11-702 minus any allowable credits or exemptions set forth outside this section by the income factor and by the rent factor. If the tenant's small business tax credit base rent is over five hundred and fifty thousand dollars, no credit shall be allowed under this section.

§ 2. This local law takes effect immediately.

Legislation Text

Legislation Details

Legislation Details (With Text)