If you rent commercial space for a company located in designated sections of Manhattan, you might soon qualify for significant tax relief. Your business could save thousands of dollars annually as a result of upcoming changes to New York City’s Commercial Rent Tax, or CRT.
First, a little background.
The CRT is currently paid by commercial tenants renting space below 96th Street and above Murray Street in Manhattan who pay at least $250,000 in annual rent. The effective...