Expiration of Controversial J-51 Program Could Prove Surprising

Tax season surprises are rarely welcome events and next year could hold several for owners of New York commercial real

Tax season surprises are rarely welcome events and next year could hold several for owners of New York commercial real estate, thanks to legislative action in Albany last year.

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Bill number S5763, which died in the Assembly, was primarily tied to the Roberts v. Tishman Speyer Properties rent deregulation case. It would have meant that landlords wouldn’t have to return retroactive monetary damages related to rent overages.

The bill also would have meant the continuation of the controversial J-51 tax abatement and exemption program—originally intended to encourage owners to renovate and upgrade their buildings. In recent years the abatement has become a bone of contention among tenants rights groups, who feel that it is often used to reward landlords for improvements to luxury buildings.
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Expiration of Controversial J-51 Program Could Prove Surprising