Reduces commercial rent taxes for retail and food service businesses in Manhattan.

This bill amends the administrative code of New York City to reduce commercial rent taxes for premises occupied by retail or food service businesses with an annual base rent of less than one million dollars, located in Manhattan south of 96th Street. The reduction phases in over time, starting with 15% from March to May 1996, 25% from June to August 1998, and 35% thereafter. The act takes effect on July 1 following its enactment.

Reduces commercial rent taxes for retail and food service businesses in Manhattan.

This bill amends the administrative code of New York City to reduce commercial rent taxes for premises occupied by retail or food service businesses with an annual base rent of less than one million dollars, located in Manhattan south of 96th Street. The reduction phases in over time, starting with 15% from March to May 1996, 25% from June to August 1998, and 35% thereafter. The act takes effect on July 1 following its enactment.