Temporary suspension of the commercial rent tax during the COVID-19 emergency for premises with a base rent of less than one million dollars.

A Local Law to amend the administrative code of the city of New York, in relation to the temporary suspension of the commercial rent tax during the COVID-19 emergency for premises with a base rent of less than one million dollars

This local law would increase the base rent deduction of the commercial rent tax to 100 percent for premises with an annual base rent of less than $1 million for the period beginning on June 1, 2020 and ending the day before the tax quarter succeeding the expiration of the State or City state of emergency declaration related to COVID-19, whichever is later.