Reduce Operating Expenses
The NYC Department of Small Business Services (SBS) will help you identify and access energy cost savings, tax credits and other City, State and Federal incentives to save money - for free.
If your business is relocating, expanding, renovating or hiring to get a competitive edge. There are incentive programs (City, State and Federal) available to businesses operating in New York City's five boroughs.
Through one-on-one consultations SBS will help you maximize savings for your business by connecting you to incentives.
Contact us for more information.
Most Popular NYC Incentives
Most Popular Incentive Programs
Learn which NYC incentives are popular amongst NYC's smals businesses and may be applicable to your business. View our guide here.
New York State Energy Research and Development Authority (NYSERDA)
Visit the NYSERDA website to find out whether you qualify for energy and cost saving incentives programs.
Con Edison Green Team
Find out whether your business qualifies for free or subsidized energy-efficient upgrades to help you reduce your energy costs.
Already Saving on Energy Costs?
Energy Cost Savings Program (ECSP) recipients can complete the Annual Compliance Form online to continue saving thousands of dollars by reducing regulated electricity costs up to 45% and regulated natural gas costs up to 35%.
Businesses located in New York City are eligible for a wide variety of incentive programs offered through City, State, and Federal agencies. Incentives include tax benefits, energy and wage benefits, and technical assistance. Incentives are designed to support economic and neighborhood development in NYC while offering valuable services and savings to small businesses. Generally, incentive programs are triggered by one of four main activities: relocating (to or within NYC); investing in equipment; purchasing and improving property; recruiting and training employees. Summarized below is an overview of the commonly accessed incentives programs.
- Industrial and Commercial Abatement Program (ICAP)
ICAP grants abatements on real estate property taxes for renovated and newly constructed commercial and industrial buildings. Benefits can last up to 25 years depending on location. Properties must be improved by at least 30% of their assessed value to qualify for the abatement. Industrial properties improved by at least 40% of their assessed value are eligible for an additional abatement. Restrictions on retail activity apply.
- Industrial Development Agency (IDA)
Administered by the NYC Economic Development Corporation. IDA issues low-cost, double and triple tax exempt bonds to assist commercial and industrial businesses grow in the City. Projects may also qualify for abatements or exemptions on their mortgage recording taxes, real estate taxes and sales taxes.
- Commercial Expansion Program
Qualified commercial or industrial tenants located in targeted Commercial Expansion Areas (zoned M1, M2, M3, C4, C5, C6) can receive a 3 or 5 year rent credit of up to $2.50 per square foot. Benefits are based on the length of the lease and the size of the company. Investments into the business space are required. Retail firms and hotels are ineligible. Qualified manufacturing firms can receive a maximum of a 10 year benefit with no phase out. Landlords are required to pass the full savings to tenants.
- Relocation and Employment Assistance Program (REAP)
A 12 year annual tax credit of $3,000 for each qualified job relocated into targeted areas ($1,000 in non-targeted areas). Benefits for new hires are also available. Businesses relocating from outside New York City or from Manhattan below 96th Street to any other area of the City qualify. Improvements to buildings are required. REAP benefits are also available to businesses relocating into Lower Manhattan. Retail firms are ineligible. Restrictions exist for businesses moving from south of Houston Street.
- Industrial Business Zone (IBZ) Relocation Credit
A one time tax credit for manufacturing firms moving into targeted IBZs. Businesses are credited for eligible moving costs up to the lesser of $1,000 per employee relocated or $100,000. There are IBZs throughout the City.
- NYS Film Production Tax Credits
Qualified film and television productions can receive a 30% State tax credit on eligible production costs. Tax credits are available for feature length films, television pilots and television series.
- NYS Excelsior Jobs Program
The NYS Excelsior Jobs Program provides job creation and investment incentives to firms in such targeted industries as biotechnology, pharmaceutical, high-tech, clean-technology, green technology, financial services, agriculture and manufacturing. Firms in these industries that create and maintain new jobs or make significant financial investment are eligible to apply for up to four new tax credits: Excelsior Jobs Tax Credit; Excelsior Investment Tax Credit; Excelsior R & D Tax Credit; and Excelsior Real Property Tax Credit.