State, city officials urge de Blasio to support reforms to commercial rent tax

Proposed bill would lower the rent threshold for businesses that are taxed

TRD New York /
May.May 23, 2017 09:35 AM

From left: Dan Garodnick, Brad Hoylman, Bill de Blasio, Gail Brewer and Letitia James

A group of city and state officials is trying to convince Mayor Bill de Blasio to support a bill that will declaw a tax on certain commercial tenants.

The proposed measure increases the rent threshold for a 3.9 percent tax applied to businesses south of 96th Street from $250,000 to $500,000. The rent threshold hasn’t been raised since 2001, and proponents of the bill argue that the tax unfairly burdens small businesses.

Council member Dan Garodnick, Manhattan Borough President Gail Brewer, Sen. Brad Hoylman, Public Advocate Letitia James and several others penned a letter to the mayor asking for his support, Crain’s reported. But changing the rent range would mean losing $52 million in tax revenue. Garodnick told Crain’s that he could find a way to make up the losses in “less than a minute.”

It’s not clear if the measure will make it into the mayor’s $85 billion budget.

In March, the Real Estate Board of New York wrote a letter to the mayor asking that the bill be included. [Crain’s] Kathryn Brenzel 


Related Articles

arrow_forward_ios
As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

Neir's Tavern (Credit: Google Maps)

Landlord to bar owner: You don’t have to go home but you can’t stay here

729 Seventh Avenue (Credit: Google Maps)

Lawyer argued façade was safe 3 months before fatal accident

Bill Ackman, LeBron James, and Arnold Schwarzenegger with 787 11th Avenue (Credit: Google Maps and Getty Images)

Celebrity property group caught in $11M construction dispute

Renderings of The William Vale and Denizen Bushwick (Credit: iStock)

All Year’s rating outlook turns negative as bondholders reject two amendments

arrow_forward_ios
Loading...