Business Incentives

Brooklyn offers businesses many cost-saving benefits made available through the City and State governments:

  • Tax reduction—The New York City and New York State governments offer savings programs targeted toward Brooklyn’s commercial and industrial business community -  
    • Industrial and Commercial Incentive Program(ICIP)—NYC Department of Finance application
    • Industrial Incentive Program—NYC Industrial Development Agency, NYC Economic Development Agency, NYC Economic Development Corporation
    • NYC Sales Tax Credit for Manufacturing Firms—NYC Department of Finance
    • NYC Sales Tax Exemption for Manufacturing Firms—NYC Department of Taxation and Finance
  • Utility Savings Programs—The utility companies, government and non-profits all offer programs designed to reduce energy costs for the City’s business community - 
    • Business Incentive Rate—Brooklyn Union, a Keyspan Energy Company
    • Economic Development Gas Rate—Brooklyn Union, A Keyspan Energy Company
    • Energy Cost Savings Program —NYC Dept. of Small Business Services
    • Economic Development Power—NYC Economic Development Corporation
    • NYSERDA New York State Energy Research and Development Authority
    • Power for jobs—New York Power Authority
  • Savings and Benefits through Relocating—By relocating your business to Brooklyn or to certain areas within Brooklyn, you may be able to access programs all designed to provide additional benefits and services for a relocating business -
    • Economic Development Zone Equivalent Area (ZEA)—Empire State Development
    • Industrial Relocation Grant Program (IRG)—NYC Department of Small Business Services
    • Employment Opportunity Relocation Costs Credit—NYC Department of Finance
    • Real Estate Tax Escalation Credit—NYC Department of Finance
    • Relocation and Employment Assistance Program—NYC Department of Finance
  • Three Economic Development Zones (EDZ) are each managed by a local development corporation. Relocated business receive substantial credits against State, corporate and personal income taxes, reduced utility costs, access to low-cost financing, access to employment services and professional technical assistance - 
    • East Brooklyn Economic Development Zone—Local Development Corporation of East New York
    • North Brooklyn/Brooklyn Navy Yard Economic Development Zone—East Williamsburg Valley Industrial Development Corporation (EWVIDCO)
    • Southwest Brooklyn Economic Development Zone—Southwest Brooklyn Industrial Development Corporation
  • In-Place Industrial Parks provide businesses with assistance in purchasing City-owned land, area improvements, security, marketing and financing programs - 
    • East Brooklyn In-Place Industrial Park—Local Development Corporation of East New York
    • East Williamsburg In-Place Industrial Park—East Williamsburg Valley Industrial Development Corporation (EWVIDCO)
    • Sunset Park In-Place Industrial Park Southwest Brooklyn Industrial Development Corporation
  • Incubator and Other Special Purpose Sites provide specialized services and benefits for small and growing businesses -
    • Brooklyn Army Terminal—NYC Economic Development Corporation 
    • Brooklyn Navy Yard
    • Greenpoint Manufacturing and Design Center

For more information on real estate incentives and for assistance in finding space for your business, please visit our Real Estate and Development section.