Details Meeting Name: Committee on Finance Agenda status: Final Meeting date/time: 11/30/2017 10:00 AM Minutes status: Final   Meeting location: Committee Room - City Hall Published agenda: Agenda Published minutes: Minutes   Meeting video: Video   Attachments: Meeting Items (20) 20 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-B 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. Amended by Committee   Action details Not available Int 0799-2015 B 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. Approved by Committee Pass Action details Not available Int 1376-2016 * Helen K. Rosenthal   Proposed Int. No. 1376-A 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. Amendment Proposed by Comm   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. Amended by Committee   Action details Not available Int 1376-2016 A 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. Approved by Committee Pass Action details Not available Int 1750-2017 * Julissa Ferreras-Copeland   Proposed Int. No. 1750-A Requiring the dept of finance to provide new homeowners with information about real property taxes and exemptions. Introduction The Department of Finance (DOF) is required to publish a property tax informational brochure for class 1 and class 2 properties describing the way those properties are valued and assessed, explaining how those values affect property tax bills, providing information about property tax exemptions, and setting forth the timeline of relevant property tax deadlines. This local law would require that, whenever a document transferring ownership of a one-to-four family home or a residential cooperative and condominium is recorded with the City Register or Richmond County Clerk, DOF would have to mail or email a copy of the property tax informational brochure to the new homeowners. Hearing Held by Committee   Action details Not available Int 1750-2017 * Julissa Ferreras-Copeland     Requiring the dept of finance to provide new homeowners with information about real property taxes and exemptions. Introduction The Department of Finance (DOF) is required to publish a property tax informational brochure for class 1 and class 2 properties describing the way those properties are valued and assessed, explaining how those values affect property tax bills, providing information about property tax exemptions, and setting forth the timeline of relevant property tax deadlines. This local law would require that, whenever a document transferring ownership of a one-to-four family home or a residential cooperative and condominium is recorded with the City Register or Richmond County Clerk, DOF would have to mail or email a copy of the property tax informational brochure to the new homeowners. Amendment Proposed by Comm   Action details Not available Int 1750-2017 * Julissa Ferreras-Copeland     Requiring the dept of finance to provide new homeowners with information about real property taxes and exemptions. Introduction The Department of Finance (DOF) is required to publish a property tax informational brochure for class 1 and class 2 properties describing the way those properties are valued and assessed, explaining how those values affect property tax bills, providing information about property tax exemptions, and setting forth the timeline of relevant property tax deadlines. This local law would require that, whenever a document transferring ownership of a one-to-four family home or a residential cooperative and condominium is recorded with the City Register or Richmond County Clerk, DOF would have to mail or email a copy of the property tax informational brochure to the new homeowners. Amended by Committee   Action details Not available Int 1750-2017 A Julissa Ferreras-Copeland     Requiring the dept of finance to provide new homeowners with information about real property taxes and exemptions. Introduction The Department of Finance (DOF) is required to publish a property tax informational brochure for class 1 and class 2 properties describing the way those properties are valued and assessed, explaining how those values affect property tax bills, providing information about property tax exemptions, and setting forth the timeline of relevant property tax deadlines. This local law would require that, whenever a document transferring ownership of a one-to-four family home or a residential cooperative and condominium is recorded with the City Register or Richmond County Clerk, DOF would have to mail or email a copy of the property tax informational brochure to the new homeowners. Approved by Committee Pass Action details Not available Res 1730-2017 * Julissa Ferreras-Copeland   Preconsidered Approving the new designation and changes in the designation of certain organizations to receive funding in the Expense Budget. Resolution   Hearing on P-C Item by Comm   Action details Not available Res 1730-2017 * Julissa Ferreras-Copeland     Approving the new designation and changes in the designation of certain organizations to receive funding in the Expense Budget. Resolution   P-C Item Approved by Comm Pass Action details Not available LU 0819-2017 * Julissa Ferreras-Copeland   Preconsidered Sydney House, Bronx Land Use Application   Hearing on P-C Item by Comm   Action details Not available LU 0819-2017 * Julissa Ferreras-Copeland     Sydney House, Bronx Land Use Application   P-C Item Approved by Committee with Companion Resolution Pass Action details Not available LU 0820-2017 * Julissa Ferreras-Copeland   Preconsidered Mount Hope Preservation Apartments, Bronx Land Use Application   Hearing on P-C Item by Comm   Action details Not available LU 0820-2017 * Julissa Ferreras-Copeland     Mount Hope Preservation Apartments, Bronx Land Use Application   P-C Item Approved by Committee with Companion Resolution Pass Action details Not available                     Not available