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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

Agency Type:

Local

Funding Source:

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New York City Department of Finance

Deadline Date:

06/30/20

Description:

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Income tax credits of $3,000 per year per eligible employee or income tax credits of $1,000 per year per eligible share to New York City businesses that relocated their operations to New York City. Eligible relocations include those from outside of New York City or from below 96th Street in Manhattan, to specific locations above 96th Street or in the other boroughs.

To apply, the eligible business has to move at least one employee from outside the REAP area to a qualified location.

Benefit

An annual credit of $3,000 for twelve years per eligible employee, or per "eligible aggregate employment share" for relocating to a designated location. Qualified locations are revitalization areas and are zoned by the City as C4, C5, C6, M1, M2, or M3; or

An annual credit of $1,000 per share for relocating to parts of the eligible area that are not revitalization areas.

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.

Eligible Premises

Premises must be nonresidential and must have been improved by construction or renovation. In addition the premises must either:
1. Be contained in property meeting the following criteria: eligible for ICIP; leased from the IDA; leased from New York City; leased from the Port Authority or New York State Urban Development Corporation;
In addition, expenditures must be made for improvements to the property in excess of 50% of the assessed value (25% of the assessed value for industrial properties) at the start of the improvements.

2. Or meet the following premises criteria: If the premises are leased the lease term must extend to a date at least 3 (three) years after the later of the following: Lease commencement date; or Date of relocation

Although relocations from lower Manhattan to the eligible area qualify for REAP, the Mayor has discretion to limit REAP benefits for businesses that reduce their number of employees in lower Manhattan to relocate elsewhere. For relocations from lower Manhattan before July 1, 2005, the Mayor may only limit REAP benefits to businesses that reduce staff in lower Manhattan by more than 100 employees. For relocations on or after July 1, 2005 any reduction of staff in Lower Manhattan may result in a reduction of benefits.

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).

An annual credit of $1,000 per share for relocating to parts of the eligible area that are not revitalization areas.

Term of Contract:

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

Additional Eligibility Criteria:

Eligible Businesses:

- Must have conducted substantial business operations either outside New York City or below 96th Street in Manhattan for at least 24 consecutive months immediately before relocating.
- Most retail activities and hotel services do not qualify; however, internet sales and sales by mail or telephone may qualify.

Pre-Application Information:

The deadline to apply for the Relocation and Employment Assistance Program (REAP) was extended to June 30, 2020.

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

Contact Information:

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

If you have any questions regarding REAP, please contact the Refunds Unit here:
https://www1.nyc.gov/site/finance/about/contact-by-email/contact-business-tax-refunds.page

Mail applications to:
NYS Department of Finance
Business and Excise Tax Refund Unit - REAP Group
59 Maiden Lane, 20th Floor
New York, NY 10038

URL for Full Text (RFP):

Geographic Focus:

USA: New York City: Lower Manhattan;   New York

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