Inside New York tax reform: Understanding the impact on New York City credits and incentives

State and Local Tax
Enacted on March 31, 2014, New York State’s FY14-15 budget enhanced the landscape of tax credit and incentive programs available to businesses undertaking certain activities in New York City. Many of these programs provide above the line or cash benefits to eligible taxpayers. Additionally, many of the tax credits and incentives, including the Relocation and Employment Assistance Program (REAP) and Lower Manhattan Relocation and Employment Program (LM-REAP) were retroactively renewed, thus providing companies the opportunity to obtain benefits for activities they have already begun undertaking, or in some instances even completed.

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