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2017 New York City Incentives Sunsetting Guide

New York City offers some of the best, most effective economic incentive programs in the nation.  These programs afford businesses, not-for-profits, and communities the opportunity to foster growth.

The city provides a multitude of incentive programs targeting expansion/relocation of business, growth of targeted industries and attraction of other companies outside the state.

Timing is key.
Below are only some of the Incentive Programs Due to Expire

PROGRAM DESCRIPTION EXPIRATION DATE
Relocation Employment Assistance Program (REAP) A 12 year annual business income tax credit of up to $3,000 for each qualified job for companies relocating to eligible areas of NYC. The credit is refundable in cash for the first four years and can offset NYC income taxes for the remaining eight years. JUNE 30, 2017
Lower Manhattan Energy Program (LMEP) A 12 year program provides NYC property owners and commercial tenants that relocate to new or improved space in eligible buildings a reduction of approximately 15% in electricity costs. JUNE 30, 2017
Commercial Expansion Program (CEP) Provides up to $2.50 PSF in rent credits for up to 5 years (10 years if manufacturing) for tenants in qualified buildings north of 96th Street in Manhattan or the outer boroughs. MARCH 31, 2018
Commercial Revitalization Program (CRP) Provides up to $2.50 per square foot (PSF) in rent credits for up to 5 years for tenants in qualified buildings located in lower Manhattan. MARCH 31, 2018
Energy Cost Savings Program (ECSP) A 12 year program for NYC companies that reduces electricity and gas costs by approximately 15%  for eligible businesses that relocate, make improvements, or lease space in qualified buildings. JUNE 30, 2018
Commercial Rent Tax Special Reduction (CRT) Up to 5 years of special reductions of NYC Commercial Rent Tax, worth 3.9% of gross annual rent in the base year for tenants in post-1975 buildings south of Canal St and pre-1975 buildings south of Murray St JUNE 30, 2018
Lower Manhattan Sales Tax Exemption Exemption from 8.875% sales tax on build-out (capital) costs for commercial tenants south of Murray St, excluding buildings in WTC, WFC and BPC areas. DECEMBER 1, 2018

Right now is a great time to plan for 2017 and 2018.
The world of Credits and Incentives is complex. All you need to do is call us to assess your eligibility without risk.
Make sure to plan ahead in order to maximize savings and gain access to multiple programs.

Click here to pre qualify

Compliments of the NY Grant Company – a member of the EACCNY