The Councilmen’s bill would even the playing field
A year after the City Council passed legislation to exempt 2,700 businesses from the commercial rent tax, Councilman Keith Powers introduced a bill to shield more businesses from paying the tax, according to CurbedNY.
Refresher on the tax: It’s a four percent levy on annual rent applied to businesses generating more than $5 million in annual revenue and paying more than $500,000 in rent per year. The tax only applies to businesses between Murray and 96th Streets.
Proposed Legislation… Would increase the threshold from $500,000 to $750,000, which would exempt another 1,300 companies. Powers argues that the tax is inequitable as prominent retail and commercial destinations in Brooklyn, Queens, and northern Manhattan are excluded.