Details Meeting Name: Committee on Finance Agenda status: Final Meeting date/time: 2/13/2017 1:00 PM Minutes status: Final   Meeting location: Committee Room - City Hall Published agenda: Agenda Published minutes: Minutes   Meeting video: Video   Attachments: Attachments - Int. No. 799-A, Attachments - Int. No. 1107-A, Attachments - Int. No. 1376, Attachments - Int. No. 1472 Meeting Items (11) 11 records Group Clear sorting Clear grouping Group by Type Group by Result Export Export to Excel Export to PDF Export to Word Show: All agenda items Legislation only All agenda items File # Ver. Prime Sponsor Agenda # Agenda Note Name Type Summary Action Result Action Details Multimedia                     Roll call Not available Int 0799-2015 * Daniel R. Garodnick   Proposed Int. No. 799-A Commercial rent tax. Introduction This local law would establish a Small Business Tax Credit (“the credit”) against the Commercial Rent Tax. The credit would provide complete tax relief for taxpayers who have incomes of $5 million or less and who pay less than $500,000 per year in rent. Taxpayers who have incomes of $5 million or less and who pay between $500,000 and $550,000 per year in rent, and those taxpayers who have incomes between $5 million and $10 million and who pay less than $550,000 per year in rent would receive a partial, sliding scale credit. Taxpayers who have incomes of more than $10 million would not receive any credit. The credit would be available beginning July 1, 2018. Hearing Held by Committee   Action details Not available Int 0799-2015 * Daniel R. Garodnick     Commercial rent tax. Introduction This local law would establish a Small Business Tax Credit (“the credit”) against the Commercial Rent Tax. The credit would provide complete tax relief for taxpayers who have incomes of $5 million or less and who pay less than $500,000 per year in rent. Taxpayers who have incomes of $5 million or less and who pay between $500,000 and $550,000 per year in rent, and those taxpayers who have incomes between $5 million and $10 million and who pay less than $550,000 per year in rent would receive a partial, sliding scale credit. Taxpayers who have incomes of more than $10 million would not receive any credit. The credit would be available beginning July 1, 2018. Amendment Proposed by Comm   Action details Not available Int 0799-2015 * Daniel R. Garodnick     Commercial rent tax. Introduction This local law would establish a Small Business Tax Credit (“the credit”) against the Commercial Rent Tax. The credit would provide complete tax relief for taxpayers who have incomes of $5 million or less and who pay less than $500,000 per year in rent. Taxpayers who have incomes of $5 million or less and who pay between $500,000 and $550,000 per year in rent, and those taxpayers who have incomes between $5 million and $10 million and who pay less than $550,000 per year in rent would receive a partial, sliding scale credit. Taxpayers who have incomes of more than $10 million would not receive any credit. The credit would be available beginning July 1, 2018. Laid Over by Committee   Action details Not available Int 1107-2016 * Daniel R. Garodnick   Proposed Int. No 1107-A Exemption from the commercial rent tax. Introduction 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 paid for billboards and advertising signs that advertise theatrical productions. The exemption would last from the date the advertisement was first posted through no later than the first 52 weeks of the theatrical production. Hearing Held by Committee   Action details Not available Int 1107-2016 * Daniel R. Garodnick     Exemption from the commercial rent tax. Introduction 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 paid for billboards and advertising signs that advertise theatrical productions. The exemption would last from the date the advertisement was first posted through no later than the first 52 weeks of the theatrical production. Amendment Proposed by Comm   Action details Not available Int 1107-2016 * Daniel R. Garodnick     Exemption from the commercial rent tax. Introduction 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 paid for billboards and advertising signs that advertise theatrical productions. The exemption would last from the date the advertisement was first posted through no later than the first 52 weeks of the theatrical production. Laid Over by Committee   Action details Not available Int 1376-2016 * Helen K. Rosenthal     Requiring the dept of finance to issue an annual report on the commercial rent tax. Introduction 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. Hearing Held by Committee   Action details Not available Int 1376-2016 * Helen K. Rosenthal     Requiring the dept of finance to issue an annual report on the commercial rent tax. Introduction 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. Laid Over by Committee   Action details Not available Int 1472-2017 * Corey D. Johnson   Preconsidered Exempting certain grocery stores from the commercial rent tax. Introduction This bill would require the Department of Finance to exempt grocery stores from the commercial rent tax if they meet certain floor space and affordability requirements. The purpose of this bill is to help prevent affordable grocery stores from closing due to the increased cost of commercial rents. It also promotes healthier grocery store retail practices by requiring that a minimum of 500 square feet of floor space be devoted exclusively to the sale of fresh produce. Hearing on P-C Item by Comm   Action details Not available Int 1472-2017 * Corey D. Johnson     Exempting certain grocery stores from the commercial rent tax. Introduction This bill would require the Department of Finance to exempt grocery stores from the commercial rent tax if they meet certain floor space and affordability requirements. The purpose of this bill is to help prevent affordable grocery stores from closing due to the increased cost of commercial rents. It also promotes healthier grocery store retail practices by requiring that a minimum of 500 square feet of floor space be devoted exclusively to the sale of fresh produce. P-C Item Laid Over by Comm   Action details Not available