Benefit:

• The IBZ Relocation Credit is a one-time tax credit for industrial firms moving to a property within an Industrial Business Zone (IBZ).
• Businesses receive a credit against their NYC Incorporated / Unincorporated Business Taxes up to the lesser of $1,000 per full-time employee or $100,000.

Who is Eligible:

• Industrial firms relocating to an IBZ from outside of an IBZ
• Firms already in an IBZ, but moving to a different property within that IBZ

When to Apply:

• The credit can be applied to firms’ NYC Incorporated / Unincorporated Business Tax incurred during the tax year of the move. (For businesses that entered into an agreement to purchase or lease property between July 1, 2005, and December 31, 2005, the credit can be taken during the 2006 tax year.)

Requirements:

• Firms may purchase or lease the move-in site
• Eligible premises must be located entirely within an IBZ
• Firms must be engaged in industrial and manufacturing activities
• Eligible businesses must have been conducting substantial business operations continuously during the past 24 months immediately preceding the relocation.
• Firms and their affiliates cannot own the move-out location unless it can be demonstrated that the new lease or building purchase is for expansion space
• Firms must continuously occupy the move-in site for a minimum of 5 years immediately following relocation
• Firms providing utilities and waste management services are not eligible.

GJDC Contact for More Information:
Richard Werber, 718.291.0282 x140
rwerber@gjdc.org