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Business Incentives

Summary of City and State Incentives

Tax Programs
 

Energy Programs
 

  • Relocation and Employee Assistance Program (REAP)
  • Energy Cost Savings Program (ECSP)
  • Commercial Expansion Program (CEP)
  • Business Incentives Rate (BIR)
  • Industrial and Commercial Abatement Program (ICAP)
  • Con Ed Commercial and Industrial Energy Efficiency Program (CIEEP)
  • NYS Film Production Tax Credits
  • Con Ed Small Business Direct Installation Program
  • Empowerment Zone Benefits

 

Workforce Programs
 

 
  • Workforce Development Benefits
 
  • Excelsior Jobs Program
 

For more information, visit Economic Development Corporation 
For more information, visit Small Business Services 

Tax Programs

Relocation and Employee Assistance Program (REAP) is a tax credit for businesses that relocate from outside of New York City or from Manhattan below 96th Street to either Manhattan above 96th Street or in Brooklyn, Queens, the Bronx, or Staten Island.  Read more…

Commercial Expansion Program (CEP) is a real estate tax abatement for new, renewal, or expansion leases for commercial office or industrial space in Manhattan north of 96th Street or in Brooklyn, Queens, the Bronx, or Staten Island.  Read more…

Industrial & Commercial Abatement Program (ICAP) is a progarm that provides abatements for real property taxes for up to 25 years.  Eligible industrial and commercial buildings must be built, modernized, expanded, or otherwise physically improved. Read more…

NYS Film Production Tax Credits is a program for qualified film and television productions to receive a 30% State tax credit on eligible production costs. Tax credits are available for feature length films, television pilots and television series. At least 75% of the total stage work must occur at a qualified facility. Read more…

Empowerment Zone Benefits 

Empowerment Zones (EZs) were created by the Department of Housing and Urban Development (HUD) to encourage business growth in targeted communities. New York City has two Empowerment Zones, one located in Upper Manhattan and one in the South Bronx.

The Empowerment Zone Section 179 Deduction has been extended through December 31, 2011. Certain Empowerment Zone businesses can elect to deduct an additional $35,000 over the standard IRS Section 179 deduction on the cost of qualifying property. To qualify, property must be placed into use during the year in which it was purchased. Read more…

The Empowerment Zone Wage Tax Credit has been extended through December 31, 2011.  The Empowerment Zone Wage Tax Credit provides businesses with an incentive to hire individuals who both live and work in an Empowerment Zone. Employers can claim a federal tax credit of up to $3,000 for each full- or part-time employee who is an Empowerment Zone resident. The credit is based on 20% of the first $15,000 in wages earned by the qualifying employee.  Read more... 

Energy Programs 

Energy Cost Savings Program (ESCP) ECSP is an energy discount program administered by the Department of Small Business Services (SBS). The program reduced energy costs for businesses that (a) relocate to, (b) Make improvements to property in, or (c) lease space in, previously improved buildings in Manhattan above 96th Street or Brooklyn, Queens, the Bronx, or Staten Island. Read more…

Business Incentives Rate (BIR) is an energy discount program co-administered by EDC and Con Edison. The program is designed to encourage economic growth in the manufacturing and industrial sectors by offering a discount off of Con Edison's electric delivery charges. Con Edison directly provides the electricity discount to eligible businesses under this program. EDC processes and tracks the paperwork and performs Account Management and Compliance functions. Read more… 

Con Ed Commercial and Industrial Energy Efficiency Program (CIEEP) is a program to help commercial & industrial customers save energy, money and protect the environment. We offer financial incentives for installing energy efficient electric and gas equipment and technical studies. These energy efficient measures can help improve your bottom line. Read more…

Con Ed Small Business Direct Installation Program sends out an energy professional to evaluate the lighting, ballasts, fixtures, HVAC system, and more at your place of business. We’ll make custom recommendations for improving energy efficiency that fit your business and your budget. Read more…

Workforce Programs

Talent. If you’re opening a new location, expanding your operations, or just getting started, NYC Business Solutions can help you find and cultivate the right talent — for free. We’ll not only save you money, but also time, by helping you hire the right employees. Whether you have a staff of 5 or 500, NYC Business Solutions can work for you. Read more…

Training. Cross training, specialized training — it all adds up to a better-trained workforce, increased productivity, and a more competitive company. If you’re looking to train your staff, NYC Business Solutions makes it easy to invest in your employees. We’ll help cover the cost of training, whether it’s a customized program, training led by your own managers, or an off-site program led by external trainers. We’ll also provide technical support to help you find the right training solution. Read more… 

Excelsior Jobs Program focuses on the growth and expansion of the high-tech and clean energy jobs of tomorrow, while also supporting the manufacturing sector that remains the backbone of our economy. Applications should be completed in consultation with the appropriate regional office representative of Empire State Development. Read more…


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