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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 In2018
Program nameRelocation and Assistance Program (REAP), Lower Manhattan Relocation and Employment Assistance Program for Eligible Benefits (LMREAP-EB) and Lower Manhattan Relocation and Employment Assistance Program for Special Eligible Benefits (LMREAP-SEB)
Program purpose: Business attraction/retention/expansion
Statutory authority: New York State Real Property Tax Law: Laws of 2015, Chapter 20 (Part A, §65)
Abating jurisdiction(s): City of New York
Applicable taxesGeneral Corporation Tax; Banking Corporation Tax; Unincorporated Business Tax; Utility Tax
Method of abatement: Tax Credit
Provisions for recapture: (no provisions for recapture)
Gross revenue loss: $32,000,000
Reimbursement / offset: $0
Net revenue loss: $32,000,000
Type of loss: Active
Additional notes on dislosure(none)