1. Commercial Revitalization Program—Real Estate Tax Abatement and Commercial Rent Tax Special Reduction

2. Industrial & Commercial Abatement Program (ICAP)

3. Lower Manhattan Energy Program

4. Lower Manhattan Relocation Employment Assistance Program   (LM-REAP)

5. Sales Tax Exemption Program

6. World Trade Center Rent Reduction 
   

1. Commercial Revitalization Program

• Tenants must submit their application within 180 days of lease commencement.
• Tenants who relocate to Lower Manhattan from one of the outer boroughs are not eligible for CRP.
• Tenants can only receive benefits under CRP once, even if they move to a new location.  However, the benefit may be continued or increased if additional space is leased. 
• Subleases are not eligible.
  

• Leases may be 3, 5, or 10 years, depending on the number of employees. Firm with less than 125 employees may have 3 or 5 year leases (or longer) and will receive the benefit for 3 to 5 years, depending on the length of lease. Firms employing over 125 people must have 10 year leases, and will receive the benefit for 5 years.
• Tenants receive the benefit as a pass-through from their landlord and must jointly apply for the tax abatement with their landlord.
• Expenditures required are based on the number of employees and length of lease, and must be a minimum of $5, $10, or $35 dollars per square foot of net leasable space.
• Expenditures must be documented and submitted to the Department of Finance.

• Exemption for up to 5 years for retail and commercial businesses south of Canal Street (the amount of exemption is tied to tenant's base rent).
  
  To access the website for the Commercial Revitalization Program, click here.
  
  For a list of buildings that qualify for the real estate tax abatement portion of CRP, click here.
  
  For a map of buildings that qualify for the real estate tax abatement portion of CRP, click here.
  
  
  

2. Industrial & Commercial Abatement Program (ICAP)

• Developers of commercial projects must make expenditures of at least 20% of the assessed value of the project in the year the building permit is issued.
• New commercial construction receives a full exemption on improvements for 11 years, followed by a 4-year exemption period with benefits declining by 20% per year. Commercial renovation projects receive a full exemption on the increase in assessed value due to the improvements for 8 years, followed by a 4-year exemption period with benefits declining by 20% per year.
• Two applications are required--a preliminary application and a final one. The preliminary application must be filed before building permits are issued.
• Hotels can qualify for ICAP provided they do not include any permanent dwelling units.
• Expires: June 30, 2013.
  

3. Lower Manhattan Energy Program

• The eligibility area for LMEP is Lower Manhattan south of Murray and Frankfort Streets.
• To qualify, a building owner must make building improvements under the Industrial & Commercial Incentive Program (ICAP) or get approval from the New York City Industrial Development Agency (IDA).  Improvements must meet a minimum investment threshold of 30% of the property's assessed value.
• City and state-owned buildings that have been improved are also eligible.
• The building owner or developer must submit an LMEP application to SBS before a building permit is issued for the construction or renovation.
• Tenants -- tenants in eligible buildings do not need to submit an application to receive LMEP benefits.  Instead, tenants can request benefits directly from their landlords.  *When negotiating a lease, tenants should confirm the status of the building either with the building manager or the Department of Small Business Services.
  

4. Lower Manhattan Relocation Employment Assistance Program (LM-REAP) for Eligible Businesses (EB) and Special Eligible Businesses (SEB).

• Companies must have been in business for at least 24 months before relocating or expanding to Lower Manhattan and must move at least one employee to the Lower Manhattan location from offices outside the city.  If you are new to NYC, you qualify as an Eligible Business (EB).  If you already have a Manhattan presence, but are moving employees from outside NYC to Lower Manhattan, you qualify as a Special Eligible Business (SEB).
• Companies must relocate to a non-residential building that has been improved by construction or renovation, or must sign a lease of at least three years and spend $25 per square foot on improving their space themselves.
• Retail businesses and hotels are not eligible.
• The tax credit is capped at either 100 jobs, or two times the total employment prior to the relocation, whichever is greater.
• Applications must be submitted prior to July 1, 2013.
  

5. Sales Tax Exemption

• Lease terms must be at least 10 years, and must commence prior to September 1, 2013 for most tenants in Lower Manhattan, and September 1, 2015 for tenants in the World Financial Center, World Trade Center or Battery Park City.
• Businesses that locate in the World Trade Center, 7 World Trade, The World Financial Center, or Battery Park City, can receive an exemption on sales tax for all goods purchased, including personal property such as furniture and equipment.
• Businesses located in all other areas south of Murray Street can receive an exemption only on those goods purchased for a build-out, which will result in permanent capital improvements to the space. Personal property, furniture, and other non-permanent goods do not qualify.
• Retail businesses are not eligible.
  

6. World Trade Center Rent Reduction

• Only available for the first 750,000 square feet of space leased at the Trade Center, and leases must be signed before December 15, 2015.
• Must be at least a 5 year lease (but maximum benefit term is 20 years) and must be a commercial business.