New York City Industrial Development Agency’s ASTEP program will lower costs of construction, upgrades or expansions for eligible businesses
New York, NY – New York City Economic Development Corporation (NYCEDC) today launched the Accelerated Sales Tax Exemption Program (ASTEP) to support the growth and competitiveness of small industrial, non-retail commercial, and food-retail businesses located in highly-distressed neighborhoods of New York City.
Businesses that meet the required criteria can apply for sales tax exemptions of up to $100,000 for the purchase, installation and maintenance of materials and equipment for the purpose of upgrading and growing a variety of business activities. The program is designed to significantly reduce transaction costs for smaller companies, which typically have fewer resources, while supporting the development of projects that are not eligible for other New York City Industrial Development Agency (NYCIDA) discretionary tax incentive programs, such as the Food Retail Expansion to Support Health (FRESH) initiative.
“Small business retailers and industrial businesses helped shape New York City’s economy into what it is today, and they will continue to play a critical role in its future,” said NYCEDC President and CEO James Patchett. “ASTEP both supports small businesses and stands to improve the quality of life for residents located within highly distressed neighborhoods by reducing certain costs that can often create barriers to growth and success.”
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