Commercial rent tax.

A Local Law to amend the administrative code of the city of New York, in relation to the commercial rent tax

This local law would establish a Small Business Tax Credit (“the credit”) against the Commercial Rent Tax. The credit would provide complete tax relief for taxpayers who have incomes of $5 million or less and who pay less than $500,000 per year in rent. Taxpayers who have incomes of $5 million or less and who pay between $500,000 and $550,000 per year in rent, and those taxpayers who have incomes between $5 million and $10 million and who pay less than $550,000 per year in rent would receive a partial, sliding scale credit. Taxpayers who have incomes of more than $10 million would not receive any credit. The credit would be available beginning July 1, 2018.