New York S01451 creates a tax abatement for small businesses in cities with a population of one million or more, limiting rent increases to 3%.

New York S01451 establishes the Neighborhood Small Business Rent Increase Exemption, providing a tax abatement for small businesses in cities with a population of one million or more. The bill requires landlords to enter into a ten-year lease with a renewal clause limiting rent increases to no more than 3% annually. The abatement is available for eligible premises used for retail purposes. The bill outlines eligibility requirements, application procedures, and enforcement mechanisms, including penalties for non-compliance.

New York S01451 creates a tax abatement for small businesses in cities with a population of one million or more, limiting rent increases to 3%.

New York S01451 establishes the Neighborhood Small Business Rent Increase Exemption, providing a tax abatement for small businesses in cities with a population of one million or more. The bill requires landlords to enter into a ten-year lease with a renewal clause limiting rent increases to no more than 3% annually. The abatement is available for eligible premises used for retail purposes. The bill outlines eligibility requirements, application procedures, and enforcement mechanisms, including penalties for non-compliance.