§ 36-11 Additional Industrial Abatement.
RCNY § 36-11
a. Eligibility. An applicant is eligible for an additional industrial abatement in addition to the abatement for industrial construction work set forth in 19 RCNY § 36-02(b) and (c), if the applicant meets the eligibility requirements for the abatement of industrial construction work in this chapter and makes the minimum required expenditure of 40 percent of the property's taxable assessed value in the tax year with the taxable status date immediately preceding the issuance of the first building permit, or if no permit was required, the commencement of construction. Expenditures for residential construction work or construction work on portions of property to be used for restricted activities will not be included in the minimum required expenditure for the purposes of eligibility under this section. b. Benefits granted. The additional industrial abatement benefits will only be granted for industrial construction work and only those portions of a building or structure used or held for use for industrial purposes will be eligible for such benefits. c. The first year of additional industrial abatement benefits will be the tax year with a taxable status date following the earlier of (i) completion of construction, or (ii) four years from the date the first building permit was issued or, if no permit was required, from the start of construction. d. Projects that do not meet the minimum required expenditure of 40 percent or do not perform eligible industrial construction work will not be eligible for additional industrial abatements. e. The amount of the additional industrial abatement is set forth below: Years 1 to 450% of the initial tax liabilityYear 540% of the initial tax liabilityYear 640% of the initial tax liabilityYear 730% of the initial tax liabilityYear 830% of the initial tax liabilityYear 920% of the initial tax liabilityYear 1020% of the initial tax liabilityYear 1110% of the initial tax liabilityYear 1210% of the initial tax liability (Added City Record 2/10/2017, eff. 3/12/2017)
