Senator Comrie Passes Industrial Abatements

State Sen. Leroy Comrie (D-Hollis) announced the Senate passage of legislation to expand the deadline for businesses to apply to the Industrial and Commercial Abatement Program (ICAP), encouraging commercial investment and job growth in the New York City area.

“The purpose of ICAP is to incentivize industrial and commercial growth – not to make it harder for businesses to succeed by tying their hands with red tape,” Comrie, the prime sponsor of the bill, said. “This amendment is a common-sense fix to a serious problem faced by scores of business that did nothing more than follow the rules mandated by city agencies. Through this simple solution, businesses will receive the relief they deserve, expanding job creation and economic vitality in this City.”

The legislation provides the Department of Finance with the ability to accept applications after the one-year mark and to ensure that the abatement program operates as intended.

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