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.
| State: | New York |
| Effected Jurisdiction: | New York City |
Jurisdiction type: | Municipality |
| Fiscal year ending In: | 2022 |
| Program name: | Industrial 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 taxes: | Real 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 source: | https://comptroller.nyc.gov/wp-content/uploads/documents/ACFR-2022.pdf |
