Tax Incentives & Abatements

Our attorneys understand economic development and can assist purchasers and developers in identifying and obtaining the tax-saving opportunities that allow their projects – and their communities – to flourish.

The economics of real estate often require tax incentives and abatements, especially in high-tax environments such as New York. Our attorneys understand economic development and can assist purchasers and developers in identifying and obtaining the tax-saving opportunities that allow their projects – and their communities – to flourish.

Our firm operates as a part of your economic development team. We will help you to determine whether an incentive is feasible and also whether it is financially sound. Typically, the source of local tax incentives is Industrial Development Agencies (IDAs), which provide programs like payment-in-lieu-of-tax (PILOT) agreements that may set a predictable payment for a period of time in exchange for property, mortgage, sales, and other tax abatements. In New York City, significant incentive/exemption opportunities are provided through the Industrial and Commercial Abatement Program (ICAP).

These incentives must be sought before a transaction is completed or construction started. We encourage clients to engage our review early in the process so that all possible incentives are considered and key deadlines are not overlooked.