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Bill

S 451

Restoring State Mineral Revenues Act

119th Congress Introduced by John Barrasso and 6 co-sponsors

Bill S 451 reduces commercial rent taxes for retail and food service businesses in southern Manhattan, aiming to support local economies and promote recovery.

Introduced in Senate
0
WeVote Research Nonpartisan
Bill Summary · S 451

Summary of Bill S 451

Bill Number: S 451
Title: Reduces certain commercial rent taxes for premises occupied by certain retail and food services businesses located in the borough of Manhattan south of the center line of ninety-sixth street
Status: Referred to Cities 1
Introduced: January 08, 2025
Classification: Bill

Purpose and Intent

Bill S 451 aims to alleviate the financial burden on retail and food service businesses located in specific areas of Manhattan by reducing the commercial rent taxes they are required to pay. This initiative is intended to support local businesses, promote economic recovery, and enhance the vibrancy of commercial districts in the borough, particularly in the wake of challenges posed by economic downturns and changing consumer behaviors.

Key Provisions

  • Tax Reduction: The bill proposes a reduction in commercial rent taxes for businesses that meet certain criteria, specifically those engaged in retail and food services.
  • Geographic Scope: The tax reduction applies to premises located in Manhattan south of the center line of 96th Street, targeting areas that may be more heavily impacted by economic fluctuations.
  • Eligibility Criteria: To qualify for the tax reduction, businesses must be classified as retail or food service establishments, although specific definitions and thresholds for eligibility may be outlined in subsequent legislative details.

Affected Parties

  • Retail and Food Service Businesses: The primary beneficiaries of this bill will be retail and food service establishments operating in the designated area of Manhattan. This includes small businesses, restaurants, cafes, and other related enterprises.
  • Local Economy: The bill is expected to have a broader positive impact on the local economy by encouraging consumer spending and helping businesses maintain operations and employment levels.

Procedural Aspects

  • Legislative Process: As of January 8, 2025, the bill has been referred to the Cities 1 committee for further consideration. This step is crucial for the bill's advancement through the legislative process.
  • Related Legislation: Bill S 451 is related to prior-session Bill S 6555 and has a companion bill, A 6580, which may provide additional context or support for its objectives.

Conclusion

Bill S 451 represents a targeted effort to support specific sectors of the Manhattan economy by reducing commercial rent taxes for qualifying businesses. By focusing on retail and food services, the bill seeks to foster economic resilience and growth in a vital area of New York City. The outcome of this bill will depend on further legislative actions and discussions within the Cities 1 committee.

Compiled from official sources — confirm details with the bill’s official record.

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