Establishes the Neighborhood Small Business Rent Increase Exemption, providing tax abatements for small businesses in cities with a population of one.

The bill creates the Neighborhood Small Business Rent Increase Exemption, offering tax abatements for small businesses in cities with a population of one million or more. It authorizes cities to designate abatement zones and provides tax relief for small businesses in these zones. To qualify, businesses must enter into a ten-year lease with a rent increase limit of three percent annually. The abatement is calculated based on the building's square footage and tax liability, with specific provisions for the first five years and subsequent years.

Establishes the Neighborhood Small Business Rent Increase Exemption, providing tax abatements for small businesses in cities with a population of one.

The bill creates the Neighborhood Small Business Rent Increase Exemption, offering tax abatements for small businesses in cities with a population of one million or more. It authorizes cities to designate abatement zones and provides tax relief for small businesses in these zones. To qualify, businesses must enter into a ten-year lease with a rent increase limit of three percent annually. The abatement is calculated based on the building's square footage and tax liability, with specific provisions for the first five years and subsequent years.