EAlert: Commercial Rent Tax

The New York City council recently enacted Int. No. 799-B, which significantly increased the Commercial Rent Tax (CRT) exemption.  The CRT applies to rent paid by commercial tenants located south of the center line of 96th Street in the borough of Manhattan.  The new law will provide for a Small Business Tax Credit against the CRT.  Taxpayers will not owe any CRT if their annual rent is under $500,000 and have total income of $5 million or less.  A partial reduction from the CRT will be available when the annual rent is between $500,000 and $550,000 and have income between $5 million and $10 million.  The credit will be available beginning July 1, 2018.

Jeffrey G. Cohen Jeffrey G. Cohen, CPA is the Partner-in-Charge of Tax Services at Grassi. With over 30 years of experience, Jeff specializes in serving companies within the Manufacturing and Distribution Industry, with an emphasis on the Food & Beverage and Pharmaceutical sectors. A leading tax expert in the New York Metropolitan area, Jeff has enabled his clients to realize significant tax savings through proper Income and... Read full bio