All of New York City’s as-of-right economic incentive programs are due to expire soon. This means that benefits used to attract and retain businesses throughout the five boroughs are at stake.
If your company has projects which may be eligible for these benefits, please take note. Agreements and applications must be made 2 weeks before these programs expire.
Expiring NYC Incentive Programs (June 30th)
- Relocation Employment Assistance Program (REAP): Provides up to $3,000 per employee per year for 12 years for companies moving into lower Manhattan, or north of 96th St., or in the boroughs outside of Manhattan.
- Lower Manhattan REAP (LM-REAP): Provides up to $3,000 per employee per year for 12 years for companies moving into lower Manhattan from outside New York City.
- Lower Manhattan Energy Program (LMEP): Provides 12 years of energy discounts in qualified buildings in Manhattan south of Murray St. (approx. 15% off total electricity charges).
- Energy Cost Saving Program (ESCP): Provides 12 years of energy discounts in qualified buildings in the outer boroughs and north of 96th St in Manhattan (approx. 15% off total electricity and gas charges)
- Special Reduction of Commercial Rent Tax: Provides 5 years of special reductions of NYC Commercial Rent Tax in post-1975 buildings downtown
(tax savings of 3.9% gross annual rent per year for 5 years).