Reduces commercial rent taxes for retail and food services businesses in Manhattan south of 96th Street with annual rent under $1 million.

This bill amends the administrative code of New York City to reduce certain commercial rent taxes. Specifically, it reduces the base rent for taxable premises in Manhattan south of 96th Street, occupied by retail or food services businesses with an annual base rent under $1 million. The reduction phases in over time, starting at 15% from March to May 1996, increasing to 25% from June 1996 to August 1998, and finally reaching 35% from September 1998 onward. The act takes effect on July 1 following its enactment.

Reduces commercial rent taxes for retail and food services businesses in Manhattan south of 96th Street with annual rent under $1 million.

This bill amends the administrative code of New York City to reduce certain commercial rent taxes. Specifically, it reduces the base rent for taxable premises in Manhattan south of 96th Street, occupied by retail or food services businesses with an annual base rent under $1 million. The reduction phases in over time, starting at 15% from March to May 1996, increasing to 25% from June 1996 to August 1998, and finally reaching 35% from September 1998 onward. The act takes effect on July 1 following its enactment.