Summary of City and State Incentives

Tax Programs

Relocation and Employee Assistance Program (REAP) 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) 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 and Commercial Incentive Program (ICIP) Exemption from real estate taxes on increases in assessed value on eligible commercial buildings that are built, modernized, rehabilitated, expanded or otherwise physically improved.  Read more…

NYS Film Production Tax Credits Qualified film and television productions can receive a 10% State tax credit along with a 5% City 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…

Empire Zone Benefits The New York State Empire Zones Program encourages business development in designated areas by offering significant incentives and benefits to new and expanding retail, commercial and industrial firms. Eligible companies can take advantage of employment, investment, real property, sales and wage tax credits as well as exemption from New York State sales tax and utility cost discounts. There are 11 Empire Zones in New York City: Bronx: Hunts Point and Port Morris; Brooklyn: East Brooklyn, North Brooklyn/Brooklyn Navy Yard, and Southwest Brooklyn; Manhattan: Chinatown and East Harlem; Queens: Far Rockaway and South Jamaica; Staten Island: North Shore and West Shore. Read more…

Empowerment Zone Benefits The New York Empowerment Zone (EZ) was created in 1996 to revitalize the marketplace In Upper Manhattan and the South Bronx.  The zone is a federal economic development initiative that uses public funds and tax incentives to encourage private investment in the area.  Businesses that qualify and operate in the EZ may be eligible for an employer wage credit for increased depreciation tax deductions and tax-exempt bond financing. Neighborhoods in the zone include Central, West & East Harlem; Inwood and Washington Heights; Hunts Point, Port Morris, Mott Haven, Highbridge and west of the Grand Concourse up to 176thStreet. 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) Business Incentive 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 Edison Empire Zone Gas Rate The Empire Zone Gas Rate offers commercial and industrial customers a special program of reduced gas rates. If you start, relocate, or expand your business in a designated New York State Empire Zone in which Con Edison supplies gas, you can receive reduced gas rates for up to 10 years. Read more…

Workforce Program

Workforce Development Benefits The NYC Business Solutions Hiring and Training provides customized hiring services at no cost, and employee training grants to businesses.  The Hiring Unit helps employers identify, recruit, pre-screen and hire employees. The NYC Training Grant Program funds up to 50% of training costs for NYC-based employees (up to $300,000) in nine priority sectors to address skill shortages in entry-level positions. Read more (PDF)…