More On Tax Breaks and Benefits
Con Edison Energy Cost Reductions
Con Edison’s economic development program offers attractive incentive rates to help commercial and industrial customers start up, expand or relocate within the Bronx and the rest of New York City. Con Edison offers the Area Development Rate, Business Incentive Rate, Economic Development Zone Rate and Recycling Attraction Program. Contact: Con Edison, 511 Theodore Fremd Ave.; Rye, NY 10580; phone 914-925-6459.
Industrial & Commercial Incentive Program (ICIP)
This incentive program is for firms throughout the Bronx that own and plan to renovate their facilities or firms that plan to build new facilities. Renters are eligible for benefits if they are responsible for property taxes on the building, or through arrangement with the property owner. Contact: New York City Department of Finance; 66 John St, 13 th floor; New York, NY 10017; phone 212-361-7167.
Energy Cost Savings Program (ECSP)
For industrial or commercial firms relocating to the Bronx and receiving benefits from the Industrial & Commercial Incentive Program (ICIP, described above) or Industrial Development Agency (IDA, described below). ECSP applications must be filed before signing a lease or contract of sale. Contact: New York City Department of Business Services; 110 William St.; New York, NY 10038; phone 212-513-6345.
New York City Economic Development Corp (EDC)/Industrial Development Agency (IDA)
Provides incentives for private financing of purchase, renovation or construction of facilities through various tax exemptions, including sales tax on construction materials and fixtures; a mortgage recording tax waiver; and the IDA’s standard Payments-In-Lieu-Of-Taxes policy, which can provide lower real estate taxes. IDA acquires nominal title to property purchased, which is then leased to the participating company. Contact: New York City Economic Development Corp; 110 William St; New York, NY 10038; phone 212-312-3600.
Empire State Development (ESD)
Empire State Development offers a full range of technical assistance to companies coming to or expanding in New York State. Information on available tax credits is provided. Companies that plan to locate, expand or modernize their facilities may be eligible for economic development financial assistance. Financial support and technical resources are available for worker training. Contact: Empire State Development; 633 Third Ave.; New York, NY 10017; phone 212-803-3100