Revised Proposal Changes for the Industrial and Commercial Abatement Program (ICAP)
Proposed Rules: Closed to Comments (View Public Comments Received:1)
STATEMENT OF BASIS AND PURPOSE
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.
The proposed rule:
· 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.