] is old law to be omitted. LBD00268-02-3A. 3416 2 1 also contain information relating to any and all concessions granted for 2 a unit and, in any case where a concession includes a discount on rent 3 paid for a unit by the tenant, the current rent for each unit reported 4 by the owner to the division shall equal the net effective rent for such 5 unit based upon the value of such concession. 6 (1) For the purposes of this subdivision, the term "concession" shall 7 mean any temporary adjustment to a lease intended to induce a tenant to 8 sign or renew such lease, including without limitation a rebate, 9 discount, waiver, license agreement, proration, money payment, or phys- 10 ical good or service or access thereto. 11 (2) For the purposes of this subdivision, the term "net effective 12 rent" shall mean the average monthly rent charged to and paid by a 13 tenant over the duration of a tenant's occupancy of a unit pursuant to 14 an unexpired lease and any related rider or agreement. 15 § 3. Subdivision f of section 26-517 of the administrative code of 16 the city of New York is amended to read as follows: 17 f. An annual statement shall be filed containing the current rent for 18 each unit and such other information contained in subdivision a of this 19 section as shall be required by the division. The owner shall provide 20 each tenant then in occupancy with a copy of that portion of such annual 21 statement as pertains to the tenant's unit. Such annual statement shall 22 also contain information relating to any and all concessions granted for 23 a unit and, in any case where a concession includes a discount on rent 24 paid for a unit by the tenant, the current rent for each unit reported 25 by the owner to the division shall equal the net effective rent for such 26 unit based upon the value of such concession. 27 (1) For the purposes of this subdivision, the term "concession" shall 28 mean any temporary adjustment to a lease intended to induce a tenant to 29 sign or renew such lease, including without limitation a rebate, 30 discount, waiver, license agreement, proration, money payment, or phys- 31 ical good or service or access thereto. 32 (2) For the purposes of this subdivision, the term "net effective 33 rent" shall mean the average monthly rent charged to and paid by a 34 tenant over the duration of a tenant's occupancy of a unit pursuant to 35 an unexpired lease and any related rider or agreement. 36 § 4. Paragraph a of subdivision 1 of section 421-a of the real proper- 37 ty tax law, as amended by chapter 857 of the laws of 1975 and as renum- 38 bered by chapter 110 of the laws of 1977, is amended to read as follows: 39 a. "Adjusted Monthly Rent." The rent payable per month as provided in 40 the first effective lease or occupancy agreement upon initial occupancy 41 of a rental dwelling unit of a multiple dwelling after construction 42 aided by exemption under this section less the cost of providing parking 43 facilities and electricity, gas, cooking fuel and other utilities other 44 than heat and hot water to occupants of such dwelling units, which sum 45 shall reflect the value of any and all concessions as such term is 46 defined by subdivision f of section twelve-a of the emergency tenant 47 protection act of 1974. 48 § 5. This act shall take effect immediately; provided, however, that 49 the amendments to section 26-517 of chapter 4 of title 26 of the admin- 50 istrative code of the city of New York made by section three of this act 51 shall expire on the same date as such law expires and shall not affect 52 the expiration of such law as provided under section 26-520 of such law.