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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 In2022
Program nameIndustrial and Commercial Incentive Program (ICIP) and Industrial and Commercial Abatement Program (ICAP)
Program purpose: Construction/rehabilitation
Statutory authority: New York State Real Property Tax Law: Section 489aaaa -- 489 llll; NYC Administrative Code: Title 11, Chapter 2, Subchapter 2, Part 5
Abating jurisdiction(s): City of New York
Applicable taxesReal Property Tax
Method of abatement: Tax Credit
Provisions for recapture: (no provisions for recapture)
Gross revenue loss: $789,000,000
Reimbursement / offset: $0
Net revenue loss: $789,000,000
Type of loss: Active
Additional notes on dislosure(none)
Document sourcehttps://comptroller.nyc.gov/wp-content/uploads/documents/ACFR-2022.pdf