BUSINESS SERVICES
Energy
Energy Cost Savings Program (ECSP)
ECSP reduces regulated electricity and natural gas costs by 45% and 35% respectively. Firms must either relocate out of targeted areas of the City or occupy space in buildings that have been approved for ICIP or IDA benefits and improve their property by at least 10% of its assessed value. Companies moving into the City from outside the City are also eligible for benefits. The benefit is for 8 years followed by a 4 year phase out. Firms that manage and operate businesses within NYC or Empire State owned buildings which have been improved by 10% of assessed value may also qualify. Hotels and retail firms are ineligible. For more information visit: http://www.nyc.gov/html/sbs/html/ecsp.html.
To access an application visit:
http://www.nyc.gov/html/sbs/nycbiz/downloads/pdf/ecsp_applicaton.pdf
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Business Incentive Rate (BIR)
Businesses that reoccupy vacant commercial or industrial buildings or move into newly constructed buildings may qualify for reduced electric rates. BIR reduces the delivery components of electricity bills by 30-35 percent. Administered jointly between EDC and Con Edison and has a term of five years.
For more information visit:
http://nycedc.com/Web/FinancingIncentives/EnergySavings/BusinessIncentRate
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Gross Receipts Tax Credit
Industrial companies may take a tax credit for amounts paid to their electric, gas and steam utilities for gross receipts and related taxes. These taxes comprise approximately 3.4% of a business’s electric, gas and steam utility bill. The credit may be applied to corporate or individual tax filers.
To access an application visit:
http://www.tax.state.ny.us/pdf/2006/fillin/misc/dtf623_2006_fill_in.pdf
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Sales Tax Exemption for Manufacturers
NYC businesses are entitled to an exemption from the 8.25% City and State sales tax on purchases of electricity, fuel oil, natural gas and steam used directly and exclusively in the manufacturing, processing or assembling of tangible personal property for sale.
To access an application visit:
http://www.tax.state.ny.us/pdf/2006/fillin/st/st121_806_fill_in.pdf
Reclaiming Sales Taxes Previously Paid
Manufactures that have paid taxes on energy purchases are eligible to apply for a rebate of overpaid taxes. The business must file an “Application for Credit or Refund of Sales or Use Tax” (AU-11) with the NYS Dept. of Taxation and Finance. Refunds are available for taxes paid within the last three years.
To access an application visit:
http://www.tax.state.ny.us/pdf/1998/st/au11_1098.pdf
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Energy Efficient Commercial Improvement Program
Commercial owners are eligible for a deduction of up to $1.80 per square foot by making major energy saving improvements to a property's lighting, hot water, and HVAC systems during 2006 and 2007. Upgrading insulation, metal roofs, and exterior doors and windows also count towards this deduction. This program is administered by the Empire State Development Corp.
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NYSERDA Programs
The New York State Energy Reduction Authority offers a variety of programs to help NYS businesses and residents reduce their energy usage. Click here for more information.
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North Brooklyn Energy Grant
This program is currently closed. Funding may be available in June 2008.
The maximum size of the grant is $50,000 and the program is currently limited to Community Board/District 1 in North Brooklyn. Grants are awarded upon project completion, so companies do not have to wait for a reimbursement. The grant can be used to pay for an energy audit for companies without a current one, and the implementation of energy conservation measures identified in an energy audit, such as new energy efficient lighting, sensors, equipment controls and building insulation. The grant can also be used to provide ‘gap financing’ on larger projects and/or equipment that reduces energy usage such as air compressors, boilers, solar panels and co-generation units. For more information, contact NYIRN at 212-404-2990.
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