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

Summary

This local law would expand the Small Business Tax Credit (“the credit”) against the Commercial Rent Tax which was initially created through Local Law 254 of 2017. The credit, as expanded, would provide complete tax relief for taxpayers who have incomes of $5 million or less and who pay less than $750,000 per year in rent. Taxpayers who have incomes of $5 million or less and who pay between $750,000 and $800,000 per year in rent, and those taxpayers who have incomes between $5 million and $10 million and who pay less than $800,000 per year in rent would receive a partial, sliding scale credit. Taxpayers who have incomes of more than $10 million or who pay more than $800,000 per year in rent would not receive any credit. The expanded credit would be available beginning June 1, 2019.

Official summary of legislation · NYC Council