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The Commercial Expansion Program (CEP) provides property tax abatements for new, renewal, and expansion leases for commercial offices and industrial spaces intended to increase tenant occupancy in a designated abatement zone. The landlord / owner of the property and the tenant file jointly, and the abatement is passed through to the tenant as a reduction in rent.
1.
A completed Commercial Expansion Program application with Proof of Expenditure and Proof of Employment forms, and a fee as identified below (in the form of a money order or certified checkas identified below) must be submitted within 180 days of the lease commencement date (the date set forth as the beginning of the term of the lease). This is a statutorily required period. Applications received after the 180th day will result in a denial of CEP benefits.
2.
Applicants must provide evidence regarding expenditures and the number of employees who are working in the eligible premises within 60 days of rent commencement (the date set forth in the lease on which the obligation to pay a basic fixed rent begins).
3.
If the application is for a renewal lease, applications must provide proof of the number of employees within 60 days of rent commencement, but expenditure proof may be submitted within fourteen months of lease commencement.
4.
Please note that common area expenditures are only acceptable if work begins and expenditures are made between July 1, 2000 and December 31, 2010, provided that expenditures on improvements to the common areas of an eligible building that were made prior to three years before the lease commencement date are not included.
5.
After CEP benefits have been granted, each tenant must file a Certificate of Continuing Eligibility between June 1st and June 30th of each year that the abatement is in effect. This form will no longer be mailed to tenants. To download the form, click the Certificate of Continuing Eligibility for Real Estate Tax Abatement and Commercial Rent Tax Special Reduction link, above. When complete, the form should be mailed to the address below.
This page provides general information only. The information does not address all relevant regulatory requirements of City, State or Federal Agencies, nor does it address requirements with which the business must comply on an ongoing basis. It is the business owner's responsibility to meet all City, State and Federal requirements. Failure to comply with all applicable laws and regulations may result in fines or in the suspension and/or revocation of licenses or permits, or other penalties as allowed by law.
Please note that this information is not legal advice; you can only obtain legal advice from a lawyer. For more information or assistance, please contact the issuing Agency, using the contact information above, or call 311 (or 212-NEW-YORK if outside of New York City).
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