Economic Development Programs
CRP - Commercial Revitalization Program (CRP) provides real estate tax abatement for new, renewal, or expansion leases involving office or retail space in Lower Manhattan.
ICIP - The ICIP Commercial Part of the Industrial and Commercial Incentive Program (ICIP) provides exemption from real estate taxes on increases in assessed value on eligible commercial buildings that are built, modernized, rehabilitated, expanded or otherwise physically improved.The ICIP Industrial Part of the Industrial and Commercial Incentive Program (ICIP) provides exemption from real estate taxes on increases in assessed value and abatement on pre-existing real estate taxes for eligible industrial buildings that are built, modernized, rehabilitated, expanded or otherwise physically improved.
Sales Tax Savings - Exemption from State and City sales and use taxes for certain purchases of tangible personal property and services related to leased commercial office space in lower Manhattan.
LMREAP - Firms with existing operations in Manhattan may now receive REAP (RELOCATION EMPLOYMENT ASSISTANCE PROGRAM) benefits for relocating existing, non-New York employees to Lower Manhattan.
CRT - Commercial rent tax has been eliminated for all leases signed at the World Trade Center site, including 7 World Trade Center and 130 Liberty Street.
Upper Manhattan EZ - Businesses in the Upper Manhattan Empowerment Zone can take advantage of programs administered by the Business Resource and Investment Service Center (BRISC). BRISC provides technical advice to new and expanding businesses; business financing, including direct loans to qualifying small businesses; entrepreneurial assistance, including business plan preparation and the creation of financial statements; and access to a resource library and training.
Bronx EZ - Businesses in the Bronx Empowerment Zone can access financing at very affordable terms in return for their commitment to hire Bronx Empowerment Zone residents. Available programs can be used to finance real estate purchases and improvements, equipment and machinery and working capital. Among the features of this program are below-market fixed-interest rates, long-term financing and very low fees.
IBZ -The Industrial Business Zones represent areas in which the City provides expanded assistance services to industrial firms in partnership with local development groups. In addition, IBZs reflect a commitment by the City not to support the re-zoning of industrial land for residential use within these areas.
Ombudsmen Areas - Ombudsmen Areas carry the business solutions services. They do not carry the tax benefits, nor are those areas protected from rezoning. And they aren't like Business Improvement Districts because the businesses themselves do not pay into any sort of pool of money for enhanced services.