Incentives

New York City offers tax breaks, rent credits and other incentives for qualifying businesses to expand beyond Manhattan and into one of NYC’s eight central Business Districts, including Long Island City.

No Commercial Rent Tax!

REAP

Relocation & Employment Assistance Program

REAP provides 12 years of refundable credits of up to $3,000 per employee per year. Credits are refundable for the year of relocation and the next four years thereafter. Unused credits from subsequent years may be carried forward for five years.

CEP

Commercial Expansion Program

CEP provides property tax benefits for qualified new, renewal, and expansion leases in spaces built before 1/1/1999. Tax abatements up to $2.50/sf can be provided.

Savings per SF

Electricity Savings Natural Gas Savings

ECSP

Energy Cost Saving Program

ECSP reduces regulated electricity costs up to 45% and regulated natural gas costs up to 35%. Benefits last for eight years, followed by a four year phase-out.