Skip to main content

Industrial and Commercial Abatement Program (ICAP)


City Finance, Department of

This program provides abatements for property taxes for periods of up to 25 years. Industrial and commercial buildings that are modernized, expanded, or otherwise improved are eligible. ICAP replaced the Industrial Commercial Exemption Program (ICIP) which ended in 2008. Previously approved ICIP benefits were not affected. 


  • Location
    • New Commercial Construction can be anywhere in the City except in some parts of Manhattan. The areas south of 96th Street (including the south side 96th Street) and north of Murray, Frankfort, and Dover Streets do not qualify.
    • Commercial Renovations can be anywhere in the City except in some parts of Manhattan.  The areas between 59th Street and 96th Street (including north side of 59th street and south side of 96th street) do not qualify.  Additional commercial renovation benefits are available below 59th Street and these areas:
      • Garment Center District.
      • Lower Manhattan in the area between Murray Street, Battery Place, South Street and West Street.
  • Improvements
    • You must spend at least 30% of the property’s Taxable Assessed Value no later than four years from the date the building permit was first issued or from the start of construction if no permit is required.
    • There are additional benefits for construction projects that spend 40% of the Taxable Assessed Value.
    • Construction must be completed no later than five years from the date of issuance of the first building permit, or if no permit is required, from the start of construction.

Limitations on Eligibility

  • Utilities: As of May 18, 2011, benefits are available for electricity generating units defined as “Peaking Units.” Benefits are not available for any other utility property.
  • Retail: A property may be subject to different abatement schedules based on the percentage used for retail.
  • Deadlines: Preliminary ICAP applications will be accepted until March 1, 2022.  The Final Application must be filed within one year from the building permit issuance date. If no permit is required, the deadline is within one year from the start of construction.  Applications filed after one year from the building permit or construction start are denied.  

NYC Department of Finance (DOF)


59 Maiden Lane, 22nd Floor

New York NY 10038

For further assistance, please call 311 and ask for: ICAP

Learn which permits, licenses and regulations matter to you Use the Step by Step tool to get an exhaustive list of requirements that matter to you.
Use the Step by Step tool