Industrial and Commercial Abatement Program Subscribe to RSS - Industrial and Commercial Abatement Program

Adopted Rules: Closed to Comments

Adopted Rules Content: 

 

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 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.

 

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.

Effective Date: 
Mon, 03/13/2017

Proposed Rules: Closed to Comments (View Public Comments Received:1)

Agency:
Comment By: 
Wednesday, October 26, 2016
Proposed Rules Content: 

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.

 

Subject: 

Industrial and Commercial Abatement Program (ICAP) Changes

Location: 
NYC Dept. of Finance, Room 345
345 Adams Street
Brooklyn, , NY 11201
Contact: 

Timothy LaRose, at laroset@finance.nyc.gov or Fax: 718 488-2491.

This notice supersedes the one published on August 29, 2016 and the public hearing has been rescheduled.

Download Copy of Proposed Rule (.pdf):