Industrial Business Zone Relocation Credit

Businesses that are receiving benefits under the Relocation Employment Assistance Program (REAP) are not eligible for IBZ Relocation Tax Credits.

Additional program eligibility requirements are as follows:

• Only businesses that relocated after July 1, 2005 are eligible.
• Businesses may purchase or lease the move-in site, and the eligible premise must be located entirely within an IBZ.
• Businesses must have been conducting substantial business operations continuously during the past 24 months immediately preceding the relocation.
• Businesses and their affiliates cannot own the move-out location.
• Businesses providing utilities and waste management services are not eligible.

Designated Industrial Business Zones include (see Links to Additional Information below for maps of each zone):

• Brooklyn: Brooklyn Navy Yard, East New York, Flatlands-Fairfield, Greenpoint-Williamsburg, North Brooklyn, Southwest Brooklyn
• Bronx: Bathgate, Eastchester, Hunts Point, Port Morris, Zerega
• Queens: Jamaica, JFK Industrial Corridor, Long Island City, Maspeth,. Ridgeway/SoMA, Steinway, Woodside
• Staten Island:  North Shore, Rossville, West Shore

The tax credit is applied against the business' City tax liability and cannot exceed the lesser of actual relocation costs or $100,000. There is no application for this program; firms can claim the tax credit on their General Corporation Tax (GCT) or Unincorporated Business Tax (UBT) during the tax year of the move. GCT filers can find the IBZ tax credit in Form 9.6 and UBT filers can find the IBZ tax credit in Form 114.6 (links to these forms are available below).