Savvy business owners look for every opportunity to give their business an edge, and in an increasingly competitive world, Queens is committed to making sure our businesses have what they need to get ahead and stay ahead.

Business Incentives – Business Incentive Rate (BIR)

Reduction of the delivery components of electricity bills by 30-35% for commercial tenants and industrial users. Benefits can last between five and fifteen years; duration is determined based on customer’s usage. Companies must also be applying for or receiving another city or state benefit of equal or greater value than the BIR benefit, such as IDA incentives, ICAP, ECSP, or Excelsior Jobs Program.

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Commercial Expansion Program (CEP)

Property tax abatement up to $2.50/sf for physical improvements for commercial and industrial tenants with new, renewal, and expansion leases. Commercial businesses and not-for-profit organizations are eligible for benefits up to 5 years; manufacturers are eligible for benefits up to 10 years. The abatement is available in Upper Manhattan and the outer boroughs. Longer leases are required for larger companies.

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Excelsior Jobs Program

Provides job creation, investment, and R&D financial incentives to companies in strategic sectors. Companies can qualify for four fully refundable tax credits over a benefit period of up to 10 years. The program is available to companies that will create or retain jobs and make significant capital investments. Companies receiving benefits must meet and maintain established job and investment thresholds throughout the program term. Eligible industries and activities include Scientific R&D, Software Development, and Life Sciences 

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IDA Industrial Program

Tax incentives to mitigate costs of constructing, renovating, and owning industrial facilities. Eligible companies include industrial businesses or developers seeking to purchase equipment and/or acquire, construct, or renovate facilities for industrial uses. Benefits include real estate tax reduction, mortgage recording tax deferral, and sales tax exemption. Benefits may be more substantial for projects in Industrial Business Zones (IBZs).

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IDA Commercial Program

Tax incentives for commercial office developers seeking to develop projects in transit-rich locations outside of Manhattan. Benefits include real estate tax reduction, mortgage recording tax deferral, and sales tax exemption. Minimum investment requirements apply. Projects which have identified anchor tenants may be prioritized.

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Industrial & Commercial Abatement Program (ICAP)

Abatement of property tax increases resulting from renovation or construction worth at least 30% of a property’s value. Benefits are available for renovation or construction anywhere in NYC except certain parts of Manhattan. Full abatement for renovations can last up to eight years with a gradual four-year phase-out; full abatement for new construction can last up to four years with a gradual four-year phase-out. Longer-term benefits may be available in special areas (primarily in Upper Manhattan and in boroughs outside Manhattan).

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NYC Biotech Tax Credit

Refundable tax credit for facilities, operations, and training for small biotech companies. Funding targets expanding firms with up to $250,000 per year to eligible firms. Qualified emerging technology companies (QETCs) anywhere in NYC are eligible for up to three consecutive years. The Department of Finance determines the size of the credit against a company’s General Corporation Tax and Unincorporated Business Tax.

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Energy Cost Savings Program (ECSP)

Energy cost rebate for businesses that (a) relocate to, (b) make improvements to property in, or (c) lease space in previously improved buildings in Upper Manhattan or the outer boroughs. ECSP can reduce the costs of the delivery component of electricity bills by 45% and the delivery component of natural gas bills by 35%. Full benefits last eight years, followed by a four-year gradual phase out.

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Relocation and Employment Assistance Program (REAP)

Tax credit of up to $3,000 per relocated or created job for up to 12 years. An eligible business must relocate from outside NYC or from below 96th St. in Manhattan to a location in Upper Manhattan or in boroughs outside Manhattan. Certain minimum improvement requirements of the relocation premises apply.

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