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Article: City Council mulling downtown tax break.(Brief Article)(Statistical Data Included)
- Article from:
- Real Estate Weekly
- Article date:
- April 17, 2002
- Author:
CopyrightCOPYRIGHT 2002 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The City Council may eliminate the commercial rent tax for all businesses south of Houston Street. If the tax is axed, the combined incentives package for both landlords and tenants would be considerably sweetened.
"Because of what happened downtown, we want to make sure that there is an incentive for people to stay or return or for landlords to get new tenants," said one council official quoted in Crain's last week.
If the CRT were axed, it would represent a $25 million revenue loss for the city. The CRT only applies to businesses below 96th Street in Manhattan who pay in excess of $250,000 a year in rent.
New York City is the only taxing ...