Posts Tagged: Industrial and Commercial Abatement Program

November 07, 2016

New York City Considers New Rules for ICAP Benefits

The Industrial and Commercial Abatement Program (“ICAP”) provides real estate tax benefits for commercial property development within New York City. The program is authorized by State law but managed by the New York City Department of Finance. The City recently issued a proposed set of rules for the ICAP program and the public comment period for those rules has just been completed (Link). The ICAP law went into effect after the sunset of the former ICIP benefit (“Industrial and Commercial Incentive Program”) in 2008. The law authorized the City to adopt rules for the administration of the program… Read more »