Rockaway Peninsula Incentives

The NYS Empire Zone Program was created to stimulate economic growth in economically distressed areas such as Far Rockaway.  This is accomplished with a variety of State tax incentives/discounts/refunds designed to attract new businesses to New York State and to enable existing businesses to expand and create more jobs.  This program is due to phase out in July 2010.

The New York State Excelsior Program is a new inititative that will replace the Empire Zone Program.   The program is designed to businesses in the following sectors: 

-   biotech, high-tech, distribution,  pharmaceutical,  clean-tech,  back office,  green tech,  financial services,  software development,  agriculture,  manufacturing, and R&D.

The Industrial and Commerical Abatement Program (ICAP) continues to provide abatements of real property taxes for varying periods up to 25 years for eligible industrial and commercial buildings that are built, modernized, rehabilitated, expanded, or otherwise physically improved.