ICAP: Industrial & Commercial Abatement Program
Provides partial abatement of tax increases from eligible commercial and industrial improvements for up to 25 years.
Important Requirements:
- Preliminary application must be filed before construction permits are issued.
- Minimum expenditure thresholds apply.
- M/WBE bid solicitation requirements before contract award.
Learn more here: Brochure, Video Interview
Not-For-Profit / 420-a Property Tax Exemption:
Available for eligible properties owned by a qualifying “corporation or association organized or conducted exclusively for religious, charitable, hospital, educational, or moral or mental improvement of men, women or children purposes, or for two or more such purposes, and used exclusively for carrying out thereupon one or more of such purposes either by the owning corporation or association or by another such corporation or association”. Can provide up to a complete exemption for property taxes during eligibility period. Requires annual certification of continuing use on or before each Taxable Status Date (Jan 5th of each year) for benefits to continue for the tax year commencing the following July 1st.
R&E attorneys have both successfully filed applications for the NFP property tax exemption and, on occasion, successfully litigated against a denial of NFP property tax benefits by the NYC Department of Finance.
Childcare Tax Abatement:
Recently renewed with better benefits and more time to apply. See blog post for details.