The Industrial and Commercial
Incentive Program (ICIP) is being converted into the Industrial and Commercial
Abatement Program (ICAP)
On September 15, 2008, the New York City
Council's Committee on Economic Development held a hearing regarding changes
to ICIP, which will now be known as ICAP. In
June, New York State passed legislation authorizing these changes. Among the
highlights: ICAP benefits will now be restricted for retail in Midtown
Manhattan, the length of time Midtown Manhattan commercial projects are eligible for the
property tax abatement will be shortened slightly, and utilities will no
longer be eligible.
View the State bill and its
companion.
Retail projects outside of Manhattan remain eligible for benefits, as do
Midtown Manhattan properties.
• Read
Good Jobs New York's
statement before the Economic Development Committee.
• Read
the Manhattan Borough President's Report on
Retail and ICIP.
• Read
the a
brief by the New York City Independent Budget Office detailing
ICIP-ICAP changes.