The New York City Department of Finance has communicated its readiness to accept renewals for the fiscal year 2024-2025 under the Industrial Commercial Incentive Program (ICIP) and the Industrial Commercial Abatement Program (ICAP). Due by January 5, 2024, these important filings maintain real estate benefits accruing under the programs.
Notably, these properties must provide a Certificate of Continuing Use (CCU) annually, as part of the renewal process. The CCU certifies that the real estate property is still benefiting from the ICIP exemptions and renew its benefits for the upcoming financial year.
Numerous corporations and firms that derive benefits from these programs remain liable for meeting this deadline and maintaining their benefits, in all property owned under ICIP and ICAP. Given the high-stakes nature of these exemptions, ensuring prompt filing compliance is key to preventing any possible negative financial impacts.
The ICIP and ICAP programs stand as instrumental parts of New York City’s efforts to promote commercial and industrial development. The programs offer significant benefits, reducing property taxes for properties that meet the program conditions. The benefits extend to new constructions, modernizations, or expansions of industrial or commercial properties.
For any legal professionals dealing with property taxes and related matters, it is imperative to be aware of these requirements and ensure their clients are duly informed to maintain their benefits.
More detailed information regarding the renewal process and requirements can be found on the
official announcement by Akerman LLP.