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Lower Manhattan: Tax exemptions and incentive programs for businesses

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Companies looking to relocate to Lower Manhattan are entitled to various tax savings and incentives programs. These incentives include Sales Tax Savings, Commercial Rent Tax Savings, Special WTC Rent Reductions and the Lower Manhattan Relocation Employment Assistance Program.

Any lease signed at the World Trade Center site has had commercial rent tax eliminated. There is also a 5 year reduction for all areas south of the centreline of Canal Street on commercial rent tax. Areas bounded by South Street on the east, West Street on the west, Battery Place on the south and Murray Street and Frankfort Street on the north have had commercial rent tax eliminated for all retail leases.

Companies looking to furnish or equip new offices are exempt from sales tax if the business is signing a new or renewal lease for ten years or over at the World Trade Center site, Battery Park City and the World Financial Center.

The REAP (Relocation Employment Assistance Program) is available to companies relocating employees to Lower Manhattan, with tax credits received for each job relocated.

First Mover tenants can be provided with rent reductions by the State of New York in the 7 WTC and also the main World Trade Center site.

For more details on the tax exemptions and incentives offered to Lower Manhattan based businesses see the New York City Economic Development Corp’s website

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1 Comment so far

  1. Lana Torres on July 17th, 2011

    Where can we go to get information on housing/apartment rentals for employees working at the World Trade Center site. I can not find rooms for rent on the computer. Are there any contracted hotels set up for rentals to WTC workers? Any information would be helpful.

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