08.03.15 |
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New York Extends New York City Relocation and Employment Assistance Program Tax Credit

The torch of the Statue of Liberty isolated on white background

The torch of the Statue of Liberty isolated on white background

In June, New York enacted S.B. 6012, which included the extension of several tax provisions.  Among the programs extended is the New York City Relocation and Employment Assistance Program (REAP) tax credit.

 REAP offers business income tax credits to eligible businesses for relocating jobs for at least one employee from outside of New York City or below 96th Street in Manhattan to designated locations above 96th Street in Manhattan or in one of the other four boroughs.[i] Businesses can apply for an annual credit of $3,000 for 12 years per eligible employee, or per “eligible aggregate employment share,” for relocating to a designated location in revitalization areas.[ii] An annual credit of $1,000 per share also is available to eligible businesses that relocate jobs to parts of the eligible area that are not revitalization areas.[iii] Credits are refundable for the year of relocation and the next four years, and unused credits from subsequent years may be carried forward for five years.[iv]

Previously, the New York City Department of Finance would provide Certificates of Eligibility to applications received on, or before, June 30, 2015. With the extension, the department now can provide Certificates of Eligibility for applications received on, or before, June 30, 2017. Businesses must file for annual re-certification for each eligible year. [v]

 
Learn More About ADP SmartCompliance® Tax Credits
 


 

[i] http://www1.nyc.gov/site/finance/benefits/business-reap.page

[ii] http://www1.nyc.gov/site/finance/benefits/business-reap.page

[iii] http://www1.nyc.gov/site/finance/benefits/business-reap.page

[iv] http://www1.nyc.gov/site/finance/benefits/business-reap.page

[v] http://www1.nyc.gov/site/finance/benefits/business-reap.page


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