Industrial And Commercial Abatement Preliminary Application - Nyc Department Of Finance
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8ICAP
Industrial and Commercial Abatement Program
PRELIMINARY APPLICATION INSTRUCTIONS
This Preliminary Application, when duly filed, will fulfill the requirement that an application
be made before issuance of a building permit, but does not confer the right to any benefit.
Please be sure to complete all sections and sign this application.
Mail completed application and all required attachments to:
New York City Department of Finance, ICIP/ICAP, 59 Maiden Lane, 22nd Floor, New York, NY 10038
The completed application must be accompanied by a narrative describing the project site; the proposed improvement(s); the proposed
uses of the building or structure upon completion of improvements; and whether the improvements are building-wide or limited to specific
building systems or renovations to particular areas (such as specific floors or lobby) of the building.
Failure to file an Application for Industrial and Commercial Abatement Program (ICAP) benefit before receipt of the first
building permit or, if no permit is required, the start of construction, will disqualify you from receiving benefits under
this program.
Program Overview and Milestones
Overview
The Industrial and Commercial Abatement Program
portion of the property for which construction work is the
(ICAP) provides for a partial abatement of taxes for
subject of an abatement under the ICAP program until at
eligible industrial or commercial buildings that are
least four years have elapsed since the first day of the first
constructed, modernized, rehabilitated, expanded or
tax year of the prior abatement benefit.
otherwise physically improved. As of May 18, 2011,
Minimum Required Expenditures
benefits are available for electricity generating units
Applicants must meet Minimum Required Expenditure
defined as “Peaking Units.” Benefits are not available for
(MRE) targets. The MRE is 30% of the property’s taxable
any other utility property. Additionally, benefits for space
assessed value in the tax year with a taxable status date
used or held out for retail purposes may receive limited
immediately preceding the issuance of the first building
or no benefits and may disqualify a project from any
permit, or, if no permit is required, commencement of
benefits depending upon location of the building and/
construction.
or the construction work performed. ICAP benefits are
granted to all applicants whose projects qualify under the
For an industrial construction project that meets an MRE of
provisions of the legislation.
40% or more, the project will be eligible for the additional
abatement that reduces the pre-construction tax on the
Expirations and Filing Dates
building or structure.
Under the current statute, ICAP will expire March 1,
Residential and Retail Space Limitation
2022. Preliminary applications received after this date will
be late and won’t be eligible for benefits.
No more than 20% of the total rentable square footage can
be dedicated to residential purposes. If so, apportionment
Certificates of Eligibility
is required. See nyc.gov/apportionments for more details.
The Department of Finance, which administers this
The availability of ICAP benefits for retail use is limited in
program, issues Certificates of Eligibility for projects that
the following cases:
meet the program requirements.
A. For industrial buildings or commercial buildings in
No tax benefit will be granted under this title if a property
special commercial areas: if retail use exceeds 10% of
is concurrently receiving an exemption or abatement of
the tax lot, the excess retail space is granted a 15-year
real property tax under any other law, with a small number
benefit rather than the 25-year benefit.
of exceptions such as exemptions available to property
owned by not-for-profit organizations. A subsequent ICAP
benefit is not available for construction work on the same
9/5/2017
NYC DEPARTMENT OF FINANCE | PROPERTY EXEMPTIONS ADMINISTRATION
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