NYC Biz Leaders Urge Sales, Property Taxes Relief

A coalition of New York City business groups asked New York leaders Monday to allow businesses to keep sales taxes as grants and permit property tax deductions for landlords providing rent concessions as relief from the novel coronavirus pandemic.

In a letter to New York federal, state and city leaders, the group said measures taken by governments to stop the spread of the coronavirus have been felt across New York City with a profound impact on families, communities and the economy. Hundreds of thousands of employees have been laid off or furloughed, and that small businesses face pressure in either keeping them employed or eventually rehiring them.

Among the proposals in the letter, the groups asked that leaders consider allowing small businesses to convert, or revert, sales and use tax collections into grants. The measure would give those businesses an immediate cash flow and help stimulate the economy.

Groups signing onto the letter were the Bronx Chamber of Commerce, Brooklyn Chamber of Commerce, Greenwich Village Chelsea Chamber of Commerce, Manhattan Chamber of Commerce, NYC BID Association, New York City Hospitality Alliance, NYS Latino Restaurant, Bar & Lounge Association, New York State Restaurant Association, Queens Chamber of Commerce, Staten Island Chamber of Commerce, Tech:NYC and Real Estate Board of New York.

New York lawmakers have also recently introduced several bills that would provide tax relief amid the pandemic, including measures to allow deferring or suspending property tax payments and extending some tax abatement deadlines.