A bill that could pause the city’s commercial rent tax on businesses for three years was introduced Thursday to soften the blow to businesses that are recovering from the pandemic.
The tax, which costs 3.9% of the annual rent a business pays its landlord, applies only to commercial spaces below 96th Street in Manhattan, except for the area around the World Trade Center. For businesses paying hefty retail or office rents, eliminating the tax could ease a large financial burden, advocates say.
“Relieving the commercial rent tax puts money back into the pockets of struggling business owners,” said Councilman Keith Powers, one of the bill’s main sponsors, along
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