Some renters of commercial renters in Manhattan will get the equivalent of a month's rent back if the city approves a change to the commercial rent tax.
"More Manhattan businesses would be exempt from the commercial rent tax under a new City Council bill that aims to ease the financial burden on mom-and-pop shops," reports Joe Anuta.
"The commercial rent tax is a roughly 4% levy on annual rent applied to businesses of a certain size operating between Murray and 96th streets," explains Anuta.
The reach of the commercial rent tax has already been decreased in recent years. "In 2017, for example, the city amended the rules to exempt business owners with less than $5 million in annual revenue who paid less than $500,000 rent each year," according to Anuta. The new legislation would increase that threshold to $750,000.
FULL STORY: Councilman seeks to chip away at commercial rent tax
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