Revised Criteria for the Industrial and Commercial Abatement Program (“ICAP”)
Adopted Rules: Closed to Comments
The Industrial and Commercial Abatement Program (“ICAP”) provides an abatement of real property taxes for the construction, alteration or improvement of certain industrial or commercial properties in specified areas of New York City for varying time periods. ICAP provides a tax incentive to owners of commercial and industrial properties to improve these properties or to construct new buildings.
· Sets forth the criteria for commercial and qualifying properties that are eligible for ICAP,
· Provides an application process, including deadline, and,
· Provides criteria for when an ICAP project may lose its benefits.
The enabling legislation for ICAP is set forth in Real Property Tax Law Sections 489-aaaaaa to 489-kkkkkk and the local law is set forth in sections 11-268 to 11-278 of the Administrative Code of the City of New York. A new chapter 36 is being added to Title 19 of the Rules of the City of New York to set forth the rules for ICAP.
Matter underlined is new. Matter in brackets [ ] is to be deleted.
“Shall” and “must” denote mandatory requirements and may be used interchangeably in the rules of this department unless otherwise specified or unless the context clearly indicates otherwise.