Industrial & Commercial Abatement Program (ICAP)
ICAP provides property tax abatements for renovation or construction for varying periods up to 25 years (successor to the ICIP program).
Eligible industrial and commercial buildings must be built, modernized, expanded, or otherwise physically improved.
- When to apply: A Preliminary Application must first be submitted before obtaining a building permit. The Final Application must be filed within one year from the building permit issuance date, or if no permit is required, within one year from the start date of construction.
- Who is eligible: Industrial and commercial businesses with various restrictions on retail activity depending on location.
- Administering Agency: NYC Department of Finance.
- For further information, please visit the ICAP Website.