De Blasio OKs Hire Tax Break For Small Manhattan Companies

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Mayor de Blasio signed a invoice Friday that can give some small companies in Manhattan a break from town’s much-derided business hire tax.

Hizzoner signed the invoice, spearheaded by Councilman Dan Garodnick, to exempt companies that pay lower than $500,000 a yr in hire from the tax — bumping it up from $250,000.

The tax, which companies have lengthy bemoaned, applies solely in Manhattan south of 96th St. and north of Murray St., and requires companies with hefty hire payments to a pay a share of their hire to town as a tax.

The brand new tax exemption will apply to small companies incomes lower than $5 million a yr, which interprets to about 1,800 retailers that can now not need to fork over the money.

“Our small companies are a part of what provides us character, and our small companies are one of many causes that this large metropolis can someday really feel like a small city, and a spot that folks belong and really feel linked to,” de Blasio stated, signing the invoice at Santa Fe, a restaurant on the Higher West Aspect.

 
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