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City Council Proposal Would Pause New York’s Commercial Rent Tax for Years

New York City Councilman Keith Powers introduced legislation Thursday that could suspend the commercial rent tax on businesses below 96th Street in Manhattan, a move designed to bring relief to retail tenants still recovering from COVID-19 losses.

If passed, businesses renting space in commercial buildings won’t have to pay an effective rate of 3.9 percent of their annual rent for another three years, the prospect of which has at least one business association breathing a sigh of relief.

Commercial Observer

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