File #: Int 0496-2022    Version: * Name: Exemption from the commercial rent tax.
Type: Introduction Status: Committee
Committee: Committee on Finance
On agenda: 6/2/2022
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 , Gale A. Brewer, Carlina Rivera , Julie Menin, Erik D. Bottcher, Shaun Abreu, Diana I. Ayala, Christopher Marte, Farah N. Louis, (in conjunction with the Manhattan Borough Preside
Council Member Sponsors: 9
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. 496, 2. Int. No. 496, 3. June 2, 2022 - Stated Meeting Agenda, 4. Hearing Transcript - Stated Meeting 6-2-22

Int. No. 496

 

By Council Members Powers, Brewer, Rivera, Menin, Bottcher, Abreu, Ayala, Marte and Louis (in conjunction with the Manhattan Borough President)

 

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, 2022.

 

 

 

 

 

 

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