Exemption from the commercial rent tax.

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

Currently, billboards and advertising signs are considered taxable premises for purposes of the commercial rent tax and the rent paid to advertise on those spaces is subject to the tax. This bill would exempt the rents paid for billboards and advertising signs that advertise theatrical productions. The exemption would last from the date the advertisement was first posted through no later than the first 52 weeks of the theatrical production.