NEW YORK – New York City officials introduced a bill to help small businesses located in a part of Manhattan during the COVID-19 pandemic.
The bill that is named “Manhattan Mom & Pop Tax Relief Act“, O “Tax Relief Law for Manhattan ”, proposes to suspend the business income tax, (CRT), during the COVID-19 pandemic to small businesses that have a base income of less than $ 1 million per year.
The CRT is a 3.9% rental tax on rent that is charged only to commercial Manhattan tenants south of 96th Street. This bill would provide additional relief to small businesses in the midst of restrictions imposed by the current government to combat the spread of COVID-19, the statement said.
“This is money back in the hands of small business owners. New York is going through a state of emergency and our response to help businesses recover must be consistent, “said Council Member Keith Powers. “Alleviating the payment of business income tax at this time is a tangible benefit for businesses,” he added.
According to the announcement, some 5,500 Manhattan businesses would benefit from the suspension of the CRT as proposed in this bill. For the bill to become law it must be accepted in the Assembly and signed by Governor Cuomo.