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Mayor Signs Two Bills: First Impacts Commercial Taxes, Second Requests Empire Zone

NEW YORK CITY-In the Blue Room on Friday, Feb. 2, Mayor Giuliani signed Introductory Numbers 863 and 873 into law. The first increases credits and exemptions for commercial tenants and the second asks for another Empire Zone.

By Amy Vaughn | Updated on February 05, 2001

NEW YORK CITY-Mayor Giuliani signed two bills Friday, Feb. 2 at a public hearing held in City Hall. The first bill increases the number of taxpayers exempt from the Commercial Rent Tax and increases the credit allowed. The second bill permits the city to ask the State Department of Economic Development to create a West Shore Empire Zone on Staten Island.

Before signing the first bill, Introductory Number 863 sponsored by Council member Berman, the mayor commented that this had been accomplished in conjunction with his administration. He added, “Currently, commercial tenants south of 96th Street in Manhattan are subject to the Commercial Rent Tax if they pay over $100,000 in annual rent. This legislation will remove a significant number of commercial tenants from the tax rolls by applying the Commercial Rent Tax only to tenants who pay $150,000 or more in annual rent. In addition, the bill will grant a partial tax credit to tenants with annual rents between $150,000 and $190,000.”

He cited the complete elimination of the tax from north of 96th Street in Manhattan and the other boroughs of the city as progress made during his administration. “The Commercial Rent Tax,” he added, “has long been viewed as a disincentive to doing business in the city.” He also cited the reduction of the rate from 6% to 3.9% in areas where it is still imposed.

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