Incentive programs exist as a way for New York City government entities at various levels to encourage economic development. These programs reward companies who choose to relocate, expand, and invest in their operations throughout the five boroughs. Not only does this promote a flourishing local economy, it encourages job creation and business growth.
Relocation: These programs exist to entice companies to move their businesses into NYC from other states or countries, as well as relocate operations to the outer boroughs. Financial incentives are available to promote this activity. One notable program is the REAP incentive program that provides up to $3,000 per employee in tax credits for up to 12 years.
Expansion: Expansion allows businesses to reach a broader client base and grow their services and product output. NYC has programs that reward companies who choose to expand within certain zones in Manhattan and the outer boroughs.
New Jobs: New York City is home to a diverse and well-educated talent pool. Programs such as the NYS Excelsior Jobs program award businesses that create new jobs with up to 10 years of income tax credits to encourage investment and growth.
Capital Investment: Investing in facility improvement or ground-up construction of new locations represents a business's commitment to grow within a specific area. NYC and NYS have incentives that encourage investment by offering property tax savings, capital grants, employment incentives, energy discounts, and many more.
Rent Savings: Many NYC businesses renew or start new commercial leases every year. Depending on location and building eligibility, companies can receive abatements or rent credits from the building owner to reduce lease costs up to 10 year
So, what’s value does this provide my business?
Incentives help businesses achieve growth by providing grants, tax savings, energy discounts, and others to reduce related expenses. These financial incentives are desirable to a variety of companies looking to grow while saving on their bottom line. It is imperative to connect with someone who knows these programs well before making any commitments. Companies that have found the best match find the greatest value in securing financial incentives for years to come. For an idea of the value, please take a look at our case studies page.