New York City Council Header
File #: Int 1376-2016    Version: Name: Requiring the dept of finance to issue an annual report on the commercial rent tax.
Type: Introduction Status: Enacted
Committee: Committee on Finance
On agenda: 11/29/2016
Enactment date: 12/22/2017 Law number: 2017/255
Title: A Local Law to amend the administrative code of the city of New York, in relation to requiring the department of finance to issue an annual report on the commercial rent tax
Sponsors: Helen K. Rosenthal, Margaret S. Chin, Andrew Cohen, Mathieu Eugene, Karen Koslowitz, Rory I. Lancman, Mark Levine, Donovan J. Richards, Rafael Salamanca, Jr., James G. Van Bramer, Carlos Menchaca
Council Member Sponsors: 11
Summary: This legislation would require the Department of Finance to issue an annual report on the commercial rent tax. Such report would include information on the number and location of premises and the amount of the tax paid, by base rent range and industry; the number of taxpayers and the amount of the tax paid, by base rent range and industry; the number of taxpayers who paid the tax on more than one property, by base rent range and industry; the total amount of tax collected, by base rent and industry; the number of taxable premises and taxpayers who received the Small Business Tax Credit, by base rent range and industry; the total amount of the tax collected in the prior ten tax years and the average tax liability per premises and taxpayer; and a comparison of the total amount of the tax collected in the prior ten tax years and the average market value of commercial property in Manhattan.
Indexes: Oversight, Report Required
Attachments: 1. Summary of Int. No. 1376-A, 2. Summary of Int. No. 1376, 3. Int. No. 1376, 4. November 29, 2016 - Stated Meeting Agenda with Links to Files, 5. Committee Report 2/13/17, 6. Hearing Testimony 2/13/17, 7. Hearing Transcript 2/13/17, 8. Proposed Int. No. 1376-A - 11/27/17, 9. Committee Report 11/30/17, 10. Hearing Transcript 11/30/17, 11. November 30, 2017 - Stated Meeting Agenda with Links to Files, 12. Hearing Transcript - Stated Meeting 11-30-17, 13. Fiscal Impact Statement, 14. Int. No. 1376-A (FINAL), 15. Mayor's Letter, 16. Local Law 255, 17. Minutes of the Stated Meeting - November 30, 2017
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
12/22/2017AHelen K. Rosenthal City Council Recved from Mayor by Council  Action details Meeting details Not available
12/22/2017AHelen K. Rosenthal Mayor Signed Into Law by Mayor  Action details Meeting details Not available
12/18/2017AHelen K. Rosenthal Mayor Hearing Held by Mayor  Action details Meeting details Not available
11/30/2017AHelen K. Rosenthal City Council Sent to Mayor by Council  Action details Meeting details Not available
11/30/2017AHelen K. Rosenthal City Council Approved by CouncilPass Action details Meeting details Not available
11/30/2017*Helen K. Rosenthal Committee on Finance Hearing Held by Committee  Action details Meeting details Not available
11/30/2017*Helen K. Rosenthal Committee on Finance Amendment Proposed by Comm  Action details Meeting details Not available
11/30/2017*Helen K. Rosenthal Committee on Finance Amended by Committee  Action details Meeting details Not available
11/30/2017AHelen K. Rosenthal Committee on Finance Approved by CommitteePass Action details Meeting details Not available
2/13/2017*Helen K. Rosenthal Committee on Finance Hearing Held by Committee  Action details Meeting details Not available
2/13/2017*Helen K. Rosenthal Committee on Finance Laid Over by Committee  Action details Meeting details Not available
11/29/2016*Helen K. Rosenthal City Council Referred to Comm by Council  Action details Meeting details Not available
11/29/2016*Helen K. Rosenthal City Council Introduced by Council  Action details Meeting details Not available

Int. No. 1376-A

 

By Council Members Rosenthal, Chin, Cohen, Eugene, Koslowitz, Lancman, Levine, Richards, Salamanca, Van Bramer and Menchaca

 

A Local Law to amend the administrative code of the city of New York, in relation to requiring the department of finance to issue an annual report on the commercial rent tax

 

Be it enacted by the Council as follows:

 

Section 1. Chapter 7 of title 11 of the administrative code of the city of New York is amended by adding a new section 11-719 to read as follows:

§ 11-719 Annual Report. a. No later than September first, two thousand eighteen, and every September first thereafter, the department of finance shall submit to the mayor and speaker of the council, and make publicly available online, a report on the commercial rent tax. Such report shall include the following information for the prior commercial rent tax period, on the condition that any category that only includes one taxpayer shall not be reported for any tax period:

1. the distribution of taxable premises and taxpayers by base rent range, including the number and zip codes of the taxable premises for which the commercial rent tax was collected, the number of taxpayers who paid the tax, the number of taxpayers who paid the tax on more than one property and the total amount of commercial rent tax paid for the set of taxable premises and taxpayers within each range;

2. the distribution of taxable premises and taxpayers by industry, including the number and zip codes of the taxable premises for which the commercial rent tax was collected, the number of taxpayers who paid the tax, the number of taxpayers who paid the tax on more than one property and the total amount of commercial rent tax paid for the set of taxable premises and taxpayers within each industry;

3. the total amount of tax collected and the average tax liability per premises for each of the prior ten tax years;

4. the total amount of tax collected and the average tax liability per taxpayer for each of the prior ten tax years;

5. a comparison of the total commercial rent tax collected to the average market value of commercial properties in the borough of Manhattan as determined by the department for each of the prior ten tax years;

6. the number of taxable premises and the number of taxpayers by base rent range and industry who received the credit set forth in section 11-704.4; and

7. any other information deemed relevant for inclusion by the department.

b. For purposes of the report required by subdivision a of this section, the base rent ranges shall be:

1. between $250,000 and $274,999;

2. between $275,000 and $299,999;

3. between $300,000 and $349,999;

4. between $350,000 and $399,999;

5. between $400,000 and $449,999;

6. between $450,000 and $499,999;

7. between $500,000 and $549,999;

8. between $550,000 and $599,999;

9. between $600,000 and $699,999;

10. between $700,000 and $799,999;

11. between $800,000 and $899,999;

12. between $900,000 and $999,999;

13. between $1,000,000 and $1,999,999;

14. between $2,000,000 and $2,999,999;

15. between $3,000,000 and $3,999,999;

16. between $4,000,000 and $4,999,999;

17. between $5,000,000 and $9,999,999; and

18. more than $10,000,000.

§ 2. This local law takes effect immediately.

 

RKC

LS #4383 and 8730

11/4/2016, amended 11/22/17