Relocation and Employment Assistance Program
Relocation tax credit for commercial and industrial businesses excluding retail and hotels relocating into targeted areas of the city.
The Relocation and Employment Assistance Program (REAP) provides a refundable business tax credit for commercial and industrial businesses relocating to designated areas of New York City and making capital improvements to their space. Relocation tax credit up to $3,000 per employee for 12 years. Commercial/industrial businesses excluding retail and hotels relocating into targeted areas of the city apply for the Certificate of Eligibility within the year of relocation. Busiesses are expected to provide computation for the number of employees annually for the certification to submit with the applicable tax returns.
- Benefit: Business tax credit
- Admistering Agency: NYC Department of Taxation and Finance
- For additional information, please visit REAP