Online Application Available for MCI Tax Abatement Program

The DOF recently released revised guidance on the implementation of the MCI tax abatement provided for in Section 65 of Chapter 20 of the laws of 2015. The Rent Law of 2015 included changes to the amortization period for the calculation of major capital improvement (MCI) rent increases. The changes, in effect, lowered the monthly rent increases that owners could pass on to their tenants.

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