New York City Industrial Development Agency (NYCIDA) supports business growth, relocation, and expansion across the five boroughs by lowering the cost of capital investment. NYCIDA’s tax incentive programs bolster the local economy, create jobs for New Yorkers, and uphold the city’s position as a global business hub.
- Property tax abatement for up to 25 years
Mortgage recording tax
- The mortgage recording tax applicable to a project mortgage is reduced from 2.8% to 0.3%, lowering upfront costs
- The 8.875% City and State sales tax is waived on purchases of materials and equipment related to construction
NYCIDA is a key component of New York Works, Mayor Bill de Blasio’s plan to create 100,000 quality jobs over the next 10 years.
Discover how NYCIDA can help build your custom business solution. Contact NYCIDA today.