Instructions For Form Cr-Q printable pdf download

Instructions for Form CR-Q

F I N A N C E

NEW YORK

F I N A N C E

Commercial Rent Tax Quarterly Return Applicable for the tax period of December 1, 2006 to February 28, 2007, ONLY

HIGHLIGHTS OF NEW LEGISLATION (Ch. 2 of the Laws of 2005, Pt. A.)

Effective August 30, 2005, tenants located in the “World Trade Center Area”, as defined are exempt from

the tax (see Page 4 - Exemptions #5). The World Trade Center is defined as: the area in the borough of Man-

hattan bounded by Church Street on the east starting at the intersection of Liberty Street and Church Street;

running northerly along the center line of Church Street to the intersection of Church Street and Vesey Street;

running westerly along the center line of Vesey Street to the intersection of Vesey Street and West Broad-

way; running northerly along the center line of West Broadway to the intersection of West Broadway and

Barclay Street; running westerly along the center line of Barclay Street to the intersection of Barclay Street

and Washington Street; running southerly along the center line of Washington Street to the intersection of

Washington Street and Vesey Street; running westerly along the center line of Vesey Street to the intersec-

tion of Vesey Street and West Street; running southerly along the center line of West Street to the intersec-

tion of West Street and Liberty Street; running easterly along the center line of Liberty Street to the intersec-

tion of Liberty Street and Washington Street; running southerly along the center line of Washington Street to

the intersection of Washington Street and Albany Street; running easterly along the center line of Albany

Street to the intersection of Albany Street and Greenwich Street; running northerly along the center line of

Greenwich Street to Liberty Street; and running easterly along the center line of Liberty Street to the inter-

section of Liberty Street and Church Street.

Effective August 30, 2005, the Commercial Rent Tax reduction program is expanded for those taxpayers

who are eligible for the Commercial Revitalization Program benefits to include more buildings and to pro-

vide a greater base rent reduction as follows:

a. The new law expands the program to include buildings south of Canal Street that received their certifi-

cate of occupancy after 1975.

b. The new law provides for a base rent reduction for the first five years of the lease equal to the lesser of

the first year’s rent or 100% of the rent paid for the period.

c. This expansion is available for leases, but not subleases, having a term of at least five years beginning

between 7/1/2005 and 6/30/2009.

d. No base rent reduction is allowed under this program for tax periods beginning after 3/31/2013. The

new law did not change the expiration date.

e. For purposes of applying such special reduction, the base rent for the base year shall, where necessary

to determine the amount of the special reduction allowable with respect to any number of months

falling within a tax period, be prorated by dividing the base rent for the base year by twelve and mul-

tiplying the result by such number of months.

As of December 1, 2005, the new law will also exempt the rent paid for premises used for retail sales pur-

poses (see Page 4 - Exemptions #6) where such premises are located in the Commercial Revitalization Pro-

gram abatement zone, which is the area in the borough of Manhattan bounded by Murray Street on the

North starting at the intersection of West Street and Murray Street; running easterly along the center line of

Murray Street connecting through City Hall Park with the center line of Frankfort Street and running east-

erly along the center lines of Frankfort and Dover Streets to the intersection of Dover Street and South

Street; running southerly along the center line of South Street to Peter Minuit Plaza; connecting through

Peter Minuit Plaza to the center line of State Street and running northwesterly along the center line of State

Street to the intersection of State Street and Battery Place; running westerly along the center line of Battery

Place to the intersection of Battery Place and West Street; and running northerly along the center line of

West Street to the intersection of West Street and Murray Street. Any tax lot partly located inside this area

is deemed to be entirely located inside the area.

Instructions For Form Cr-Q

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