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Lower Manhattan Relocation and Employment Assistance Program

Income Tax Credits to New York City Businesses that
Relocated Operations to New York City after July 2003

Agency Type:

Local

Funding Source:

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New York City Department of Finance

Deadline Date:

06/30/17

Description:

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Income tax credits of $3,000 per year per eligible employee to New York City businesses that relocated their operations to the Lower Manhattan area after July 1, 2003. Most retail activities and hotel services do not qualify; however, internet sales and sales by mail or telephone may qualify.

Businesses must have conducted business outside of the City for 24 consecutive months. In addition, businesses must not have had employees working in New York City between January 1, 2002 and the date it enters into a lease or contract for eligible premises.

Eligible Premises

- Must be nonresidential.
- Must have been improved by construction or renovation.
- Expenditures for improvements to the property must be made in excess of 50% of the assessed value of the property for commercial properties or 25% of the assessed value for industrial properties.

- Eligible premises must satisfy either the Property Criteria or the Premises Criteria below:

-- Property Criteria - Eligible premises must be located in property that is one of the following:
1. Eligible for the Industrial and Commercial Incentive Program (ICIP) (Please note that the Industrial and Commercial Abatement Program (ICAP), which replaced ICIP, does not provide for REAP eligibility.);
2. Leased from the New York City Industrial Development Agency;
3. Owned by the City; or
4. Leased from the Port Authority or New York State Urban Development Corporation.

-- Premises Criteria
1. If leased, the lease term must be at least three years after the lease start date or the date of relocation, whichever is later.
2. Expenditures for improvements to the premises of more than $25 per square foot must be made on or after July 1, 2003.

An annual credit of $3,000 for twelve years per eligible employee, or per "eligible aggregate employment share" (EAES) for relocating to a designated location. The number of EAES's is roughly the same as the number of full-time employees working at the eligible location. There are some limitations.

The credit may be taken against the following:

- NYC General Corporation Tax (GCT)
- Banking Corporation Tax (BCT)
- Unincorporated Business Tax (UBT), and/or
- Utility Tax

Credits are refundable for the year of relocation and the next four years. Unused credits from subsequent years may be carried forward for five years.

GrantWatch ID#:

GrantWatch ID#: 166188

Estimated Size of Grant:

An annual credit of $3,000 for twelve years per eligible employee, or per "eligible aggregate employment share" (EAES).

Term of Contract:

You must file for annual re-certification for each eligible year.

Eligibility:

Additional Eligibility Criteria:

Eligible Businesses:

- Must have conducted significant business operations outside of New York City for at least 24 consecutive months immediately before relocating.
- Must relocate on or after July 1, 2003.
- Must not have had employees working in New York City between January 1, 2002 and the date it enters into a lease or contract for eligible premises.
- Most retail activities and hotel services do not qualify; however, internet sales and sales by mail or telephone may qualify.

Contact Information:

Before starting your grant application, please review the funding source's website listed below for updates/changes/addendums/conferences/LOIs.

http://www1.nyc.gov/site/finance/about/contact-by-email/contact-business-tax-refunds.page

Grant Coverage Areas:

Lower Manhattan

URL for Full Text (RFP):

Geographic Focus:

USA: New York City;   New York

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