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Tax Credits and Incentives

If your firm is expanding, investing in equipment or real estate or adding employees in North Brooklyn, you may be eligible for tax credits and abatements to partially offset the cost of your investment.  Whether you rent or own your real estate, there are programs available to reward you for expanding and investing in North Brooklyn.  Contact us for more information.

Empire Zone
Rent Abatements for Commercial and Industrial Tenants (CEP)
Relocation and Employment Assistance Program (REAP)
Industrial Business Zone Tax Credit
Industrial and Commercial Abatement Program (ICAP)
Manufacturing Assistance Program (MAP)
Industrial Relocation Grant (IRG)
MoveSmart/StayLean

 

Empire Zone
The New York State Empire Zone program was created in 1986 to help qualified companies reduce their cost of doing business. North Brooklyn was designated as an Empire Zone in 1998, and recently expanded in 2006 to include parts of Williamsburg and Greenpoint. Since its creation, the North Brooklyn Empire Zone has certified hundreds of firms, who have gone on to access tens of millions of dollars in tax credits.

As an Empire Zone certified business, firms are eligible to claim various credits against their New York State Tax liability. These credits are tied to employment and investment, and are available to industrial and manufacturing businesses located within the zone boundaries. There is a certification process which includes an application, review by our local Zone Administrative Board, and a state review to ensure each application is accurate and each business meets the State’s policy goals.

As the local Empire Zone Coordinator, EWVIDCO can walk you through the program and help you decide whether the Empire Zone can work for your business. We offer technical assistance on the application, and can help you access professional tax advice on claiming Empire Zone credits. If you are interested in becoming a zone certified business, please review the Empire Zone page, which includes the Empire Zone map, benefits overview, and application.

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Rent Abatements for Commercial and Industrial Tenants (CEP)
CEP is a package of tax benefits designed to help businesses relocate and expand in targeted expansion areas of the City. Qualified tenants can receive a rent credit up to $2.50/SF. It is available to industrial and non-retail commercial businesses signing new, expansion, or renewal leases in areas of the City zoned M1,M2,M3 and C4,C5,C6,excluding Manhattan south of 96th Street with the exception of the Special Garment District. Businesses must sign a lease of at least three years and make a minimum
investment of $2.50/SF. Benefits will mirror the length of the lease. Industrial businesses may receive benefits for up to ten years. Please note: an application MUST be filed within 180 days of lease commencement.
For more information visit:
http://home2.nyc.gov/html/dof/html/property/property_tax_reduc_expansion.shtml
To access an application visit:
http://home2.nyc.gov/html/dof/html/pdf/07pdf/cepa.pdf

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Relocation and Employment Assistance Program (REAP)
A 12 year annual tax credit of $3,000 for each qualified job relocated into a targeted CEP area, or $1,000 in non-CEP areas. Benefits for new hires are also available. Businesses must relocate either to a building improved by at least 50% of its assessed value or sign a lease of at least 3 years and spend a minimum of $25 per square foot on improvements.  Businesses relocating from outside New York City or from Manhattan below 96th Street to any other area of the City qualify. REAP benefits are also available to businesses relocating into Lower Manhattan. Retail firms are ineligible.  Restrictions exist for businesses moving from south of Houston Street.
For more information visit:
http://www.nyc.gov/html/dof/html/property/property_tax_reduc_reap.shtml
To access an application visit:
http://www.nyc.gov/html/dof/html/pdf/04pdf/reap.pdf

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Industrial Business Zone (IBZ) Relocation Credit
The City provides a one time tax credit for manufacturing firms moving or expanding into targeted IBZs. Businesses are credited for eligible moving costs up to the lesser of $1,000 per full-time employee relocated or $100,000. Firms must apply for the credit within the same tax year as the move.
General Corporation Tax filers can find the IBZ tax credit here:
http://www.nyc.gov/html/dof/html/pdf/06pdf/nyc9_6_06.pdf
Unincorporated Business Tax filers can find the IBZ tax credit here:
http://www.nyc.gov/html/dof/html/pdf/06pdf/nyc114_6_06.pdf

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Industrial and Commercial Incentive Program (ICAP)
The ICAP program provides abatements of real property taxes for varying periods up to 25 years for eligible industrial and commercial buildings that are built, modernized, rehabilitated, expanded, or otherwise physically improved. Companies must apply prior to receiving a building permit. Properties must be improved by at least 30% of their assessed values to qualify for the exemption. For an additional industrial abatement, properties must be improved by at least 40% of their assessed values. The NYC Department of Finance administers the program.
For more information visit:
http://www.nyc.gov/html/dof/html/property/property_tax_reduc_incentive.shtml
To access an application visit:
http://www.nyc.gov/html/dof/html/pdf/icap/icap_prelim_app.pd

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Manufacturing Assistance Program (MAP)
MAP is a program that provides grants to firms looking to invest in projects that will significantly improve productivity or competitiveness. Firms that employ 50-1,000 workers are eligible to apply for MAP funds.
For more information visit:
http://www.empire.state.ny.us/Manufacturing_&_Environment/manufacturing_assistance_program.asp

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Industrial Relocation Grant (IRG)
IRG reimburses eligible manufacturing firms for moving costs when relocating within New York City. Eligible Industrial firms can receive the lesser of: 90% of eligible moving costs, $4.00 per square foot of the move-out location or $30,000. Grants are dependent upon available funds.

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MoveSmart/StayLean
Assistance with reconfiguring your plant or facility for any reason (contraction, expansion or relocation), can be a capital-intensive project that should be carefully planned and executed. Done correctly, you will be able to minimize business disruption and achieve a successful outcome.  Plant layout services can assist you with the process and are also useful to help you utilize existing space more efficiently. The New York City Council funds a program called MoveSmart/StayLean through which NYC manufacturing firms can take advantage facility planning services offered by the Industrial & Technology Assistance Corp. (ITAC). The City covers 90% of the cost of this service and NYC companies with 5 full time employees are eligible. Call ITAC to arrange for an assessment plant layout professionals. They will help to  prioritize space requirements over the next five years, plan a reconfiguration or relocation and provide a new block lay out for your current or future facility.  For more information please contact Elizabeth Taylor at 212-442-2990 or email her at etaylor@itac.org

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EWVIDCO
11 Catherine Street Brooklyn, NY 11211 • T 718 388-7287 • F 718 963-1905

 

 

 

 

 

 

 

 

 

 

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