Establishes a rent increase exemption for certain nonprofit organizations; provides a tax abatement for limiting rent increases on nonprofit.

New York State Senate bill S01091 amends the real property tax law to establish a tax abatement for nonprofit organizations in cities with a population of one million or more. The bill provides a reduction in real property taxes for eligible buildings that contain premises occupied by nonprofit organizations. The abatement is contingent on the landlord entering into a ten-year lease with a renewal clause limiting rent increases to no more than three percent annually. The bill also includes provisions for enforcement, reporting requirements, and confidentiality of information.

Establishes a rent increase exemption for certain nonprofit organizations; provides a tax abatement for limiting rent increases on nonprofit.

New York State Senate bill S01091 amends the real property tax law to establish a tax abatement for nonprofit organizations in cities with a population of one million or more. The bill provides a reduction in real property taxes for eligible buildings that contain premises occupied by nonprofit organizations. The abatement is contingent on the landlord entering into a ten-year lease with a renewal clause limiting rent increases to no more than three percent annually. The bill also includes provisions for enforcement, reporting requirements, and confidentiality of information.