Great News For anyone who owns or manages property in NYC!
Last week New York City Council passed Legislation to forgive outdated Environmental Control Board (ECB) fines. With this initiative, NYC attempts to help small businesses that were financially impacted by the pandemic. The bill lowers fine amounts for 185 code violations while also providing a cure period that gives businesses the opportunity to fix whatever issue they have before facing any fines.
Who qualifies for the Amnesty Program:
- Respondents with violations prior to March 7, 2020 will be able to resolve judgments by payment of 75% of the imposed penalties without payment of accrued interest.
- Respondents with violations on or after March 7, 2020 will be able to resolve judgment by payment of 25% of the imposed penalties without payment of accrued interest.
What does this mean for you?
The amnesty program includes interest on unresolved ECB penalties while also offering some savings on the base penalty itself. This program would be created by the Commissioner of Finance and last 90 days with the option to extend at the order of the DOF Commissioner.