Relocation and Employment Assistance Program (REAP) (REAP Application)

• Tax credit of $3,000 per job per year for twelve years for each job relocated or added within five years of the initial relocation, capped at the greater of 100 jobs or two times total employment before the move.
• Available to companies that relocate employees from Manhattan below 96th Street or outside the City to Manhattan above 96th Street or an outer borough.
  

For an application and additional information, please contact:
New York City Department of Finance
Property Tax Exemption Unit
66 John Street
13th Floor
New York, NY 10038
www.nyc.gov/finance

Industrial and Commercial Abatement Program (ICAP)

ICAP Web Site

What it is: Property tax abatement for renovation or construction (successor to the ICIP program)

When to apply: Prior to building permit or renovation

Who is eligible: Industrial and commercial businesses. Various restrictions on retail activity depending on location

Which agency: New York City Department of Finance (DOF)

To apply for preliminary application
To apply for final application (subject to modification)

 

For an application and additional information, please contact:
New York City Department of Finance
ICAP Unit
66 John Street
13th Floor
New York, NY 10038

(212) 361-670

www.nyc.gov/finance

E-mail: exemptionspolicy@finance.nyc.gov

Energy Cost Savings Program (ECSP) (ECSP Application)

Reduce regulated electricity costs up to 45% and regulated natural gas costs up to 35%. Benefits last for eight years, followed by a four-year phase-out.

Eligibility:

• Business relocating to, or within, New York City
• Business in New York City investing in their property
• Retailers, hotels, personal-service providers, and public-benefit corporations are not eligible
• NEW: A benefit is also available to businesses that generate their own electricity through distributed generation. Click here for more information.

Contact:
Lynn Roberts
Assistant Director, Energy Cost Savings Program
New York City Department of Small Business Services
(212) 513-6415
E-mail: lroberts@sbs.nyc.gov

Industrial Development Authority (IDA) (IDA Additional Information)

This program is administered by the NYC Economic Development Corporation.  The IDA can assist an expanding company with double or triple-tax exempt bond financing on capital projects.  Cost-effective financing typically begins at $1.8 million.  A $10 million issuance cap may apply.

Potential participants must contact an IDA representative at EDC prior to entering into purchase and construction or renovation projects.  Once purchase or construction projects begin, the company is not eligible for IDA bonds.

Owner-developers of manufacturing, airport cargo and recycling facilities may qualify for triple-tax exempt bonds.  Nonresidential commercial developers may qualify for double-tax exempt bonds.

For an application and additional information, please contact:
New York City Economic Development Corporation
Financing Division
110 William Street
New York, NY 10038
(212) 312-3600/(888) NYC-0100
www.nycedc.com
E-mail: info@nycedc.com

NYC Business Solutions Training Funds (Training Funds Flyer)

NYC Business Solutions Training Funds provides up to $400,000 to allow New York City employers to invest in training their workforce. Awards can cover up to 70% of the total cost of training, with the employer paying for the rest. Training can be at the job site or off-site, and employers have broad flexibility to choose their training curriculum and provider.

For further information, please visit www.nyc.gov/training