Proposed Rules Implementing Industrial and Commercial Abatement Program (ICAP)

Effective date: November 5, 2025

Proposed Rule Full Text
Certified_DOF-Proposed-Rules-Implementing-Industrial-and-Commercial-Abatement-Program-Preliminarily-Certified-7.10.25.pdf

Adopted Rule Full Text
216948_DOF-Rules-Implementing-Industrial-and-Commercial-Abatement-Program-09182025_2.pdf

External Hearing audio/video

Adopted rule summary:

The New York City Department of Finance (“DOF”) is adopting the following rule change pursuant to the powers set forth in New York City Charter (“Charter”) §§ 1043(a) and 1504, as well as Part 5 of Subchapter 2 of Chapter 2 of Title 11 of the New York City Administrative Code (“Administrative Code”) and Title 2-F of Article 4 of the Real Property Tax Law (“RPTL”). This rule amendment consists of changes to bring the Rules of the City of New York (“RCNY”) into alignment with changes to the Administrative Code and RPTL enacted by the Legislature in 2020, 2024 and 2025. These changes relate to the Industrial and Commercial Abatement Program (“ICAP”), which offers property tax abatements for up to 25 years for eligible industrial and commercial buildings that are built, modernized, expanded, or otherwise improved. A proposed version of these rules was published in the City Record on July 21, 2025. See City Record at 4041-43 (Jul. 21, 2025). A hearing for public comment was held on August 20, 2025. DOF received written and oral comments.