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 Incentive Program (ICIP) (ICIP Application)

Provides real property tax benefits to eligible industrial or commercial buildings that are constructed, expanded, modernized, rehabilitated or otherwise physically improved.

Industrial Projects

Exemption: Renovation and new construction of industrial properties citywide are eligible to receive a 25-year real estate tax exemption consisting of a full exemption on increases in the assessed value solely attributable to the improvements. The minimum required expenditure is 10 percent of the assessed value of the project.

Abatement: In addition to the exemption program described above, renovation and new construction of industrial properties citywide are also eligible to receive a 12-year real estate tax abatement based on the pre-existing real estate taxes of the assessed value of both the land and the building for the tax year preceding the issuance of the building permit. The minimum required expenditure is 25 percent of the assessed value of the project.

Commercial Projects

Renovations and New Construction: 15-year real estate tax exemption consisting of a full exemption for the first 11 years on increases in the assessed value solely attributable to the improvements made, declining by 20 percent per year for the remaining four years. The minimum required expenditure is 10 percent of the assessed value of the project.

Renovations and New Construction in Special Exemption Areas: 25-year real estate tax exemption consisting of a full exemption for the first 16 years on increases in the assessed value solely attributable to the improvements made, declining by 10 percent per year for the remaining nine years. These projects may also receive protection against future increases on the improvement due to inflation for the first 13 years of the benefit period. The minimum required expenditure is 10 percent of the assessed value of the project. (Eligible Tax Blocks, PDF)

For an application and additional information, please contact:
New York City Department of Finance
ICIP Unit
66 John Street
13th Floor
New York, NY 10038
(212) 361-7167
www.nyc.gov/finance

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@dbs.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