§ 30-08 Quarterly Reductions.
RCNY § 30-08
A tenant who has received the initial certification required by 19 RCNY § 30-02 of these rules may reduce its base rent for premises to which it has relocated on an estimated basis on the returns filed for the quarterly tax periods ending on the last days of August, November and February of the tax year. Such rent reduction shall be computed in the same manner as the annual rent reduction except that, in determining the numerator and denominator of the fraction by which base rent is reduced, the number of employment shares for each employee for the quarter in question is the sum of (a) the number of full-time work weeks worked by such employee during the eligible business' tax year until the end of such quarter divided by the number of weeks in the tax year to the end of such quarter and (b) the number of part-time work weeks worked by such employee during the eligible business' tax year until the end of such quarter divided by an amount equal to twice the number of weeks in the tax year to the end of such quarter. To illustrate: Assume the same facts as in example 2 of 19 RCNY § 30-07. The rent reduction for the third quarter ending February 28, 1990 is computed as follows: (Assume 13 weeks in each quarter). There are 100 employees in the eligible premises for 39 weeks (June 1, 1989 through February 28, 1990) and 100 additional employees in the eligible premises for 26 weeks (September 1, 1989 through February 29, 1990). Aggregate employment shares until the end of the third quarter equals: ((100 workers × 39 weeks) (100 workers × 26 weeks))/39 weeks = 167. The numerator of the fraction by which base rent is reduced is 67 (167 shares through February 28, 1990, less 100 shares in 1988.) The denominator is 167. The percentage reduction is 67/167 = 40.12% Assuming that the base rent for the quarter ending February 28 is $25,000 (i.e., 25% of $100,000), the reduction is 40.12% of $25,000 or $10,030. Thus, X's base rent for the quarter is $25,000 less $10,030, or $14,970.
