2023 Update: Time to Renew Your New York City ICIP & ICAP BenefitsOctober 24, 2023
ICIP and ICAP CCU Renewal Due 1/5/24
New York City requires that the recipients of the Industrial Commercial Incentive Program (“ICIP”) and/or the Industrial and Commercial Abatement Program (“ICAP”) make an electronic online filing of a form known as a Certificate of Continuing Use (“CCU”). The submission deadline to continue benefits for the 2024/2025 tax year is January 5, 2024. A failure to file by the deadline may result in the suspension or revocation of your benefit. It is important that you act promptly if you have not done so already by recertifying to the current use and occupancy of your ICIP/ICAP eligible space by following the links below.
ICIP requires an annual submission. ICAP’s submission requirement is bi-annual and therefore many properties receiving ICAP benefits are not required to submit the CCU this year. Please consult with the renewal links below. Your property information should populate (after entering the Borough/Block/Lot) if the submission requirement applies this year.
Please note you must first create a NYC.ID if you have not done so previously.
Suspended ICIP/ICAP Benefit
If your 2023/2024 benefit was suspended due to a failure to file the CCU prior to January 5, 2023, it is imperative you make the submission immediately in order to prevent its permanent revocation. The Department of Finance will retroactively reinstate suspended benefits if the CCU is submitted prior to January 5, 2024.
Note for Condominiums
The CCU questions only pertain to the condominium tax lot receiving ICIP/ICAP benefits. You should not provide any square footage or use information for the non-impacted tax lots. Inclusion of non-qualifying uses outside of the condominium tax lot may result in the revocation of the ICIP/ICAP benefit.
Renewing Your Abatement
Information you may find helpful in filing your renewal:
Please let us know if we can be of any assistance. Our office can complete the CCU on your behalf by request.
Real Estate Tax Incentives
The Industrial Commercial Abatement Program (ICAP) is a New York City property tax abatement offered for new construction or renovation of properties located within the five boroughs of New York City. Our Real Estate team counsels clients who are owners or tenants of commercial properties applying for benefits pursuant to the ICAP, as well as on the laws and rules which govern ICAP and the construction compliance requirements. Additionally, we regularly educate financial institutions, brokerage firms, title insurance companies, architecture firms and major industry groups on the nuances and benefits of the program.
We leverage the experience of the Land Use & Zoning Planning and Development Specialists to work with our clients and ensure the active participation of Minority and Women Business Entrepreneur’s (M/WBE) in the bidding process, while actively monitoring the progress before the Department of Small Business Services.
Additionally, if you have questions about 421-a project eligibility, are looking for an opinion or added due diligence, Herrick is here.
Brett Gottlieb, as lead for our real estate tax incentives team, continuously collaborates with members of our land use and zoning, development, construction and tax teams to service all aspects of the ICAP and similar programs in New York City. If you are considering applying for the program, looking for updated benefit calculations, considering alterations or looking at adaptive reuse of the property, please reach out with any questions.
Brett J. Gottlieb at 212 592 1455 or [email protected]
Mitchell A. Korbey at 212 592 1483 or [email protected]
Patrick J. O'Sullivan, Jr. at 212 592 1503 or [email protected]
Jonathan A. Adelsberg at 212 592 1423 or [email protected]
© 2023 Herrick, Feinstein LLP. This alert is provided by Herrick, Feinstein LLP to keep its clients and other interested parties informed of current legal developments that may affect or otherwise be of interest to them. The information is not intended as legal advice or legal opinion and should not be construed as such.