The City of New York offers incentives for business purchasing, renovating, or constructing facilities in targeted commercial expansion areas through its New York City Economic Development Corporation (EDC) and Industrial Development Agency (IDA).For a comprehensive list of municipal incentives, please visit www.nycedc.com/business_incentives/tax_benefits/index.html.
The following is a sample of the more widely used programs.
The Industrial and Commercial Incentive Program (ICIP) – provides a partial 25-year exemption on real property taxes for eligible commercial or manufacturing buildings.Renters are eligible for benefits if they are responsible for property taxes in their lease.
The Relocation and Employment Assistance Program (REAP) – provides a tax credit of $3,000 per employee against New York City’s general corporation, banking corporation and unincorporated business taxes for 12 years for industrial and commercial companies relocating north of 96th Street in Manhattan
The Energy Cost Savings Program–offerseligible businesses reductions in energy costs through reductions in the cost of the delivery portion of utility bills.