New York City Council Header
File #: Int 1372-2019    Version: * Name: Exemption from the commercial rent tax.
Type: Introduction Status: Committee
Committee: Committee on Finance
On agenda: 1/24/2019
Enactment date: Law number:
Title: A Local Law to amend the administrative code of the city of New York, in relation to an exemption from the commercial rent tax
Sponsors: Keith Powers , Ruben Diaz, Sr., Ben Kallos, Margaret S. Chin, Mark Levine
Council Member Sponsors: 5
Summary: Currently, billboards and advertising signs are considered taxable premises for purposes of the commercial rent tax and the rent paid to advertise on those spaces is subject to the tax. This bill would exempt the rents for premises within the Theater Subdistrict solely used for the purpose of advertisement.
Attachments: 1. Summary of Int. No. 1372, 2. Int. No. 1372, 3. January 24, 2019 - Stated Meeting Agenda with Links to Files, 4. Hearing Transcript - Stated Meeting 1-24-19

Int. No. 1372

 

By Council Members Powers, Kallos, Chin and Levine

 

A Local Law to amend the administrative code of the city of New York, in relation to an exemption from the commercial rent tax

 

Be it enacted by the Council as follows:

 

Section 1. Subdivision a of section 11-704 of the administrative code of the city of New York, as amended by chapter 2 of the laws of 2005, is amended to add a new paragraph 7 to read as follows:

7. Any tenant who uses the premises solely for advertising when such premises are located in the “Theater Subdistrict,” as defined by section 81-71 of the zoning resolution of the city of New York.

§ 2. This local law takes effect on June 1, 2019.

 

NAB/RKC

LS #7313

12/14/18 11:00am