BILL NUMBER: S8063A
SPONSOR: GOUNARDES
 
TITLE OF BILL:
An act to amend the general city law, chapter 772 of the laws of 1966,
relating to enabling any city having a population of one million or more
to raise tax revenue, and the administrative code of the city of New
York, in relation to authorizing credits for relocation and employment
assistance and making available relocation assistance credits per
employees; and providing for the repeal of certain provisions upon expi-
ration thereof
 
PURPOSE OR GENERAL IDEA OF BILL:
This bill would amend the General City Law, enabling New York City to
raise tax revenue. It would also amend the Administrative Code of the
City of New York to authorize credits for relocation and employment
assistance and make available relocation assistance credits per employ-
ee.
 
SUMMARY OF PROVISIONS:
Section One amends the opening paragraph of subdivision (b) of section
25-z of the general city law, as amended by section 1 of part RR of
chapter 56 of the laws of 2020
Section Two a mends the general city law by adding a new article 2-K to
22
Section Three amends Part II of section 1 of chapter 772 of the laws of
1966, relating to enabling any city having a population of one million
or more to raise tax revenue, by adding a new section 4-j
Section Four amends section 101 of section 2 of chapter 772 of the laws
of 1966, relating to enabling any city having a population of one
million or more to raise tax revenue, by adding a new subdivision (I)
Section Five amends section 11-503 of the administrative code of the
city of New York by adding a new subdivision (r)
Section Six amends section 11-604 of the administrative code of the city
of New York by adding a new subdivision 24
Section Seven amends the administrative code of the city of New York by
adding a new section 11-643.10
Section Eight amends section 11-654 of the administrative code of the
city of New York by adding a new subdivision 24
Section Nine amends the opening paragraph of subdivision (b) of section
22-622 of the administrative code of the city of New York, as amended by
section 3 of 8 part RR of chapter 56 of the laws of 2020
Section Ten amends title 22 of the administrative code of the city of
New York by adding a new chapter 6-E
Section Eleven provides for the effective date
 
JUSTIFICATION:
This bill extends the existing Relocation and Employment Assistance
Program (REAP) for five years and introduces a new, citywide time-limit-
ed benefit to spur relocation of new businesses to New York City from
outside of New York State. These changes are designed to attract new
businesses to the City and encourage a return to the prepandemic office
occupancy rates.
The new citywide Relocation Assistance Credit Per Employee Program
(RACE), is a citywide pilot program that will help support the efforts
of business to attract new companies in New York City and encourage the
leasing of underperforming office space. Eligibility for the RACE
program will be restricted to companies moving to New York City and
signing a lease of 20,000 square feet or more in a building constructed
before 2000. This requirement is designed to incentivize the use of
facilities that are currently underperforming, are not likely to be
suitable for residential conversion, and where a meaningful anchor lease
could improve occupancy in the entire building. The RACE program is
designed to deliver a focused benefit for new companies taking space in
New York City. This benefit will be an additional, much-needed tool for
the city's economic development and business attraction agenda. By
design, firms that qualify and receive this benefit will be new to New
York City, hire employees, utilize underperforming office space, and
meaningfully contribute to the City's economic development.
 
PRIOR LEGISLATIVE HISTORY:
None
 
FISCAL IMPLICATIONS:
TBD
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S8063: 25-z general city law
S8063A: 25-z general city law, 25-ee general city law