NYC’s Holiday Gift to Taxpayers: Revised Commercial Rent Tax Rules
If your business is located within New York City you may be familiar with the Commercial Rent Tax (“CRT”). The CRT is charged to tenants who occupy or use a property for commercial activity in Manhattan, south of the center line of 96th Street down to Murray Street, and pay at least $250,000 each year in rent.
However, on Thursday the City Council passed a bill effective July 1, 2018 to raise the Commercial Rent Tax filing threshold from $250,000 in annual rent payments to $500,000 for businesses with income up to $5 million. The raised threshold may now help about 2,000 taxpayers in Manhattan avoid the tax.
If your business has historically filed and paid Commercial Rent Tax but may no longer be subject to filing reach out to a member of Withum’s Technology Services Team by filling out the form below.
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