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The Industrial and Commercial Abatement Program (ICAP) in New York City has been extended until March 2029, offering substantial tax abatement for property owners constructing, modernizing, or expanding commercial, industrial, and mixed-use properties.

Key Benefits of ICAP:

• Tax Abatement: equals to 115% of the increase in property taxes resulting from building improvements during the construction period.
• Duration: Tax benefits can last up to 25 years, depending on the property's location.
• Eligible Properties: Includes industrial, commercial, and mixed-use buildings undergoing construction, renovation, or expansion.

Important Deadlines:

• March 1, 2029: Deadline to file an ICAP Preliminary Application with the Department of Finance (DOF) before obtaining the first construction permit.
• April 1, 2029: Deadline to pull the first building permit for the ICAP project.

Important Compliance Requirements:

• Solicit Minority & Women Owned Business Enterprises (MWBE) before awarding contracts.
• Fulfill other obligations set by the NYC Department of Small Business Services.

For more details about the ICAP program and to ensure compliance, please feel free to reach out to our office.