Businesses located in the Fashion District are eligible for a wide variety of incentive programs offered through City, State, and Federal agencies. Incentives include tax benefits, energy and wage benefits, and technical assistance. Incentives are designed to support economic and neighborhood development in the City while offering valuable services and savings to small businesses. Generally, incentive programs are triggered by one of four main activities: relocating (to or within NYC); investing in equipment; and purchasing and improving property; hiring and training employees. For more information about these and other programs visit: www.nyc.gov/smallbiz.
Industrial Manufacturing Business Zones
New York City and State offer incentive programs for industrial and manufacturing businesses that locate in the Garment Center, which is one of the City’s Industrial Business Zones (IBZ). A one-time tax credit of $1,000 per relocated employee is available to help industrial and manufacturing firms that relocate to an IBZ.
Some IBZs include adjacent Industrial Ombudsman Areas which include a greater mix of uses. Business assistance services are provided in both types of areas. However, Ombudsman Areas do not receive the tax credits nor are they subject to the same commitments on rezoning.
You can learn more by visiting NYC Business Solutions: Industrial and Manufacturing and The Mayor’s Office of Industrial and Manufacturing Businesses.