A 7996 New York Assembly · 2025 Regular Session

Relates to creating the Neighborhood Small Business Rent Increase Exemption

Summary

Relates to creating the Neighborhood Small Business Rent Increase Exemption; provides a tax abatement for limiting rent increases on small businesses in a city of one million or more persons.

Issues: ✓ Budget & Taxes

Bill status in committee 1 of 4 stages cleared

Introduction

Apr 2025

Committee Review

Floor Vote

Governor

Introduced Apr 16, 2025 Last action Feb 23, 2026

Maddy AI version diff · 1 comparison

What changed between versions

A7996 → A7996A · 3 edits

MINOR

The bill was reprinted as amended to update the legislative session year to 2025-2026 and adjust the program's eligibility timeline. The most significant change is the shift of the 'Eligibility period' from April 2025 to March 2041 to April 2026 to March 2042, delaying when businesses can apply for the rent increase exemption by one year.

Scope change

The bill's scope remains focused on creating a Neighborhood Small Business Rent Increase Exemption, but the window for applying for this benefit has been pushed back by one year.

TIMELINE

The 'Eligibility period' for applying for the rent increase exemption was changed from April 1, 2025, to March 31, 2041, to April 1, 2026, to March 31, 2042, delaying the program's start date by one year.

TECHNICAL

The bill header was updated to reflect the 2025-2026 Regular Session instead of the previous session, and the bill number was updated to include the amendment marker 'A'.

PROCEDURAL

The committee status was updated to show that the bill was discharged, amended, and recommitted to the Committee on Real Property Taxation in accordance with Assembly Rule 3.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Feb 23, 2026

Lower · Passed

PRINT NUMBER 7996A

lower

Feb 23, 2026

Lower · Passed

AMEND AND RECOMMIT TO REAL PROPERTY TAXATION

lower

Jan 7, 2026

Committee

REFERRED TO REAL PROPERTY TAXATION

lower

Apr 16, 2025

Committee

REFERRED TO REAL PROPERTY TAXATION

lower

1 primary · 0 co-sponsors