NYC Fiscal Watchdog Urges Governor to Veto Extension of Commercial Property Tax Break

This week, the Citizens Budget Commission sent a letter to Governor Hochul requesting a veto of legislation that would extend the Industrial & Commercial Abatement Program (ICAP) for 4 years. ICAP provides a 26-year property tax exemption for improvements made to certain properties in New York City. The annual cost of the program to New York City exceeded $500 million in the last fiscal year. The State Legislature has increased scrutiny of various tax breaks in recent years, however this legislation passed almost unanimously. The Governor has until the end of the year to act on the bill. Learn more.