If you are a commercial or industrial business considering locating in Downtown Brooklyn, there are several valuable tax incentives and savings programs designed to make your move easier. In total, these incentives can save your company up to $16 per square foot for office space.
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- Relocation and Employment Assistance Program (REAP): A 12-year tax credit against New York City business taxes equal to $3,000 per employee relocated to Downtown Brooklyn. For the first five years, a company can receive a cash grant if the benefit is higher than their city business taxes.
- Commercial Real Estate Tax (CRT) Abatement: Downtown Brooklyn does not have commercial rent tax, which will provide your business with significant tax savings.
- Industrial and Commercial Abatement Program (ICAP): A 25-year tax abatement on property improvements passed through the landlord.
- Commercial Expansion Program (CEP): A 5-year tax abatement on property improvements passed through the landlord. To qualify, the tenant must occupy space in a building built before 1999 and occupy at least 25,000 square feet.
- Energy Cost Savings Program (ECSP): A 12-year program offered by the New York City Department of Small Business Services that grants a 45% reduction in energy costs to companies relocating to Downtown Brooklyn. The program runs for 12 years: 8 years of full benefit with a 4-year phase-out.
- New York State Energy Research and Development Authority (NYSERDA) Existing and New Facilities Programs: Receive up to $30,000 in rebates on pre-qualified energy-efficient equipment.
Downtown Brooklyn Partnership can help: 1) determine your company’s eligibility for available incentive programs; 2) calculate the savings; 3) assist you with your application; and 4) ensure that your benefits are received. To find out how your company can take advantage, contact Bethany Bowyer, Director of Real Estate + Planning, at 718-403-1618 or firstname.lastname@example.org.