Int 0882-2018
Commercial rent tax credit.
IntroductionEnactedCommittee on Financeintroduced 2018-05-09Local Law 2018/121
Enacted as Local Law 2018/121.
Official record · Legistar
Agenda: 2018-05-09Passed: 2018-06-23Enacted: 2018-06-23
Summary
This local law would change the date of initial eligibility for the Small Business Tax Credit against the Commercial Rent tax from July 1, 2018 to June 1, 2018.
Committee on Finance — Executive Budget review and Budget modification, Banking Commission, Comptroller's Office, Department of Finance, Independent Budget Office, Office of Administrative Tax Appeal, and fiscal policy and revenue from any source.
How it compares
48% of similar bills passed
24 passed · 26 died
This bill: 13 days in committee
Similar bills: median 342 days · 22 days when passed
Compared against 50 Introduction bills in Committee on Finance.
Ranked by how closely each matches this bill's topic — closest first:
Int 1783-2017
Amending a definition related to a credit against the commercial rent tax.
10dEnacted
Int 0799-2015
Commercial rent tax.
917dEnacted
Int 0863-2001
Commercial Rent or occupancy tax, increasing exemptions from such tax.
9dEnacted
Int 0941-2001
Increase credit allowed under the commercial rent or occupancy tax.
11dEnacted
Int 1371-2019
Small business tax credit against the commercial rent tax.
1071dFiled
Int 0543-1999
Commercial Rent or Occupancy Tax
978dFiled
+ 44 more comparable bills
Sponsors (2)
Lifecycle
IntroducedIntroduced by Council
2018-05-09 · City Council
ActionReferred to Comm by Council
2018-05-09 · City Council
HeardHearing Held by Committee
2018-05-23 · Committee on Finance
AdvancedApproved by Committee
2018-05-23 · Committee on Finance
AdvancedApproved by Council
2018-05-23 · City Council
ActionSent to Mayor by Council
2018-05-23 · City Council
AdvancedCity Charter Rule Adopted
2018-06-23 · Administration
ActionReturned Unsigned by Mayor
2018-06-27 · City Council
Votes (13)
Aye (10)
Steven MatteoFrancisco P. MoyaDaniel Dromm Adrienne E. AdamsAndrew CohenLaurie A. CumboBarry S. GrodenchikKeith Powers Helen K. RosenthalVanessa L. Gibson
Absent (3)
Robert E. Cornegy, Jr.Rory I. LancmanJames G. Van Bramer
Heard at (3)
City Council · 2018-05-23 · 1:30 PM · Council Chambers - City Hall
Committee on Finance · 2018-05-23 · 9:30 AM · Committee Room - City Hall
City Council · 2018-05-09 · 1:30 PM · Council Chambers - City Hall
Attachments (13)
- Summary of Int. No. 882
- Int. No. 882
- May 9, 2018 - Stated Meeting Agenda with Links to Files
- Hearing Transcript - Stated Meeting 05-09-18
- Minutes of the Stated Meeting - May 9, 2018
- Committee Report 5/23/18
- Hearing Transcript 5/23/18
- May 23, 2018 - Stated Meeting Agenda with Links to Files
- Hearing Transcript - Stated Meeting 5-23-18
- Minutes of the Stated Meeting - May 23, 2018
- Fiscal Impact Statement
- Legislative Documents - Letter to the Mayor
- Local Law 121
Full text
Be it enacted by the Council as follows:
Section 1. Subdivision b of section 11-704.4 of the administrative code of the city of New York, as amended by local law number 256 for the year 2017, is amended to read as follows:
b. Beginning on [July] June 1, 2018 and for each tax year beginning thereafter, a credit shall be allowed against the tax imposed by this chapter as follows: a tenant whose small business tax credit base rent is at least two hundred and fifty thousand dollars but not more than five hundred and fifty thousand dollars shall be allowed a credit in the amount determined by multiplying the tax imposed on the tenant pursuant to section 11-702 minus any allowable credits or exemptions set forth outside this section by the income factor and by the rent factor. If the tenant's small business tax credit base rent is over five hundred and fifty thousand dollars, no credit shall be allowed under this section.
� 2. This local law takes effect immediately.
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