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

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
Joe Moinian and 123 Linden Blvd. (Moinian Group)

These were the top outer borough loans in July

These were the top outer borough loans in July
Clipper Equity's David Bistricer (REIT)

David Bistricer’s Clipper Realty reports record Q2 profit

David Bistricer’s Clipper Realty reports record Q2 profit
Vornado CEO Steven Roth and a rendering of the Farley Post Office building (Getty, iStock, SOM)

Vornado will install facial recognition tech in all its buildings

Vornado will install facial recognition tech in all its buildings
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
The legislation from a City Council member introduced a bill to temporarily repeal the commercial rent tax for businesses during the Covid-19 state of emergency. (Getty, iStock)

Commercial rent tax cut introduced in City Council

Commercial rent tax cut introduced in City Council
Michael Rudder, James Nelson, 141 Wooster Street and 633 Third Avenue (Google Maps)

The Outlook: Industry experts break down Manhattan’s office condo market

The Outlook: Industry experts break down Manhattan’s office condo market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...