Cohen & Perfetto LLP has extensive experience in representing clients in tax incentive related matters. Our clients range from large public companies to individual developers. For each client we develop a strategy to minimize taxes and maximize benefits. Cohen & Perfetto LLP provides comprehensive real estate tax incentive advice from before development begins through completion of a project and beyond.
Our team has worked successfully on behalf of our clients to obtain large incentive packages for a multitude of different projects. Our guiding objective is to add value for our clients, not only by meeting their deadlines, but also by bringing our experience on their particular matters which quite often exceeds their expectations.
Our work has included obtaining the following incentives for our clients:
Industrial & Commercial Abatement Program (ICAP): ICAP provides abatements from property taxes for periods of up to 25 years for industrial and commercial buildings that are build, renovated or otherwise physically improved.
Relocation and Employment Assistance Program (REAP): REAP offers business income tax credits for 12 years as a result of relocating jobs from outside of New York City or below 96th Street in Manhattan to designated locations above 96th Street in Manhattan or in Queens, Brooklyn, Bronx or Staten Island.
Commercial Expansion Program (CEP): CEP provides property tax benefits for certain qualified leases in commercial offices and industrial/manufacturing spaces located in designated abatement zones, designed to increase tenant occupancy in commercial offices and industrial/manufacturing spaces.
Commercial Revitalization Program (CRP): CRP provides tax incentives through a property tax abatement and a Commercial Rent Tax Special Reduction for certain non-residential or mixed-use buildings located in lower Manhattan.
Energy Cost Savings Program (ECSP): ECSP reduces regulated energy costs up to 45% and regulated natural gas costs up to 35% for eligible business.