Second Avenue Small Business Tax Relief Bill Passes Assembly
June 25, 2008
Close to midnight last night, my Second Avenue Subway small business tax relief bill passed the New York State Assembly as we wrapped up the 2008 legislative session.
A.10924 offers a property tax abatement to property owners if they are able to sign or re-negotiate a reduced lease to current or prospective small business commercial tenants located in the construction area. The bill is sponsored in the State Senate by Senator José Serrano. While the bill has yet to pass there, the Senate bill has moved to committee and the Senate will reconvene in July.
Construction began on the most recent incarnation of the MTA’s Second Avenue Subway project in April 2007. Due to rising construction costs, the MTA recently announced that the first phase of the construction—from 96th Street to 63rd Street—will be delayed by two years, moving the completion date of this phase to 2015.
When the construction is finally complete and the new subway line opens for business, what kind of neighborhood will be there to greet it? Will we have driven Second Avenue’s small businesses into extinction or will we still have the same vibrant, family-friendly community we knew before the construction began? By passing this legislation, the Assembly has demonstrated its commitment to giving small business owners a fair shake and preserving the community we know and love.
