New York City Arts Space Act provides tax benefits for eligible arts spaces.

The New York City Arts Space Act provides tax benefits for eligible arts spaces. It amends the real property tax law to include a new subdivision for affordable arts space benefits and requirements. Eligible arts spaces must be rented at a rate of no more than twenty dollars per square foot per year and must meet specific criteria. Benefits include exemptions from real property taxes and tenant improvement allowances. The act applies to eligible multiple dwellings and eligible arts organizations.

New York City Arts Space Act provides tax benefits for eligible arts spaces.

The New York City Arts Space Act provides tax benefits for eligible arts spaces. It amends the real property tax law to include a new subdivision for affordable arts space benefits and requirements. Eligible arts spaces must be rented at a rate of no more than twenty dollars per square foot per year and must meet specific criteria. Benefits include exemptions from real property taxes and tenant improvement allowances. The act applies to eligible multiple dwellings and eligible arts organizations.