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Statement from Kathryn Wylde, President & CEO of the Partnership of New York City, Supporting Commercial Rent Tax Relief

New York City is in a fiscal position to forego some revenue in its 2017-18 budget to encourage business growth and job creation. It is time to scale back the Commercial Rent Tax, which is unique to this city. Manhattan commands the highest commercial rents in the country and its tenants are heavily taxed in many other ways. Requiring a business tenant in Manhattan to pay a 6% tax on its rent adds insult to injury. The Partnership for New York City joins other business organizations from across the city to urge the mayor and city council to provide CRT relief for some Manhattan employers in order to encourage their growth.