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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

StateNew York
Effected JurisdictionNew York City
Jurisdiction type: Municipality
Fiscal year ending In2019
Program nameBuild NYC Tax Abatement Program
Program purpose: General Economic Development
Statutory authority: Section 411 of the New York Not-forprofit Law
Abating jurisdiction(s): New York, New York
Applicable taxesMortgage Recording Tax
Method of abatement: Tax Exemption
Provisions for recapture: A change in the utilization of the facility that compromises the tax exempt status of the underlying tax exempt debt, the sale of the property, absent specific preauthorization, that includes the maintenance of the original tax exempt utilization of the property and/or the bankruptcy or cessation of operations of the facility/entity. Projects are subject to a benefit recapture period of ten years.
Gross revenue loss: $5,136,000
Reimbursement / offset: $0
Net revenue loss: $5,136,000
Type of loss: Active
Additional notes on dislosure(none)