CAP legislation that expired on March 1, 2011 was extended on May 18, 2011 and remains in effect until March 1, 2015.
Please note: The Industrial and Commercial Exemption Program (ICIP) ended in 2008 and was replaced with ICAP. Previously approved ICIP benefits were not affected. Applicants that successfully submitted their preliminary application within the ICIP timeframe can use the combined Final ICIP/ICAP application which you can link to on this page.
Otherwise, all documents and information below are in reference to ICAP unless specifically noted.
ICAP provides abatements for real property taxes for varying periods up to 25 years. Eligible industrial and commercial buildings must be built, modernized, expanded, or otherwise physically improved.
One of the most important things to note regarding the application process for an ICAP benefit is that the final application must be filed no later than one year after the effective date of eligibility. The effective date of eligibility is the date of the first building permit that allowed construction to proceed, or if no permit is required, no later than one year from the date that construction started. Construction does not need to be complete to submit a final application, so there are no exceptions. If a final application is submitted after one year, the application will be automatically denied.
Source: NYC Finance
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