New York REAP-ADD (Regional Economic Assistance Program-Advanced Design and Development) is an initiative of the New York State Economic Development Corporation (NYSE DC) to spur economic growth in underserved areas of the state. The program provides assistance to businesses in the form of grants, loans, and technical assistance to help them develop and expand in the areas of advanced manufacturing, advanced technology, agribusiness, and green energy. The program also provides assistance to communities to help attract and retain businesses and promote the development of infrastructure projects. There are three types of New York REAP-ADD: the REAP-ADD Grant Program, the REAP-ADD Loan Program, and the REAP-ADD Technical Assistance Program. The Grant Program provides businesses with financial assistance for projects that create or retain jobs, increase capital investment, or promote innovation. The Loan Program provides businesses with low-interest loans for projects that create or retain jobs, increase capital investment, or promote innovation. The Technical Assistance Program provides businesses with free consultation and technical assistance to help them develop and expand in the areas of advanced manufacturing, advanced technology, agribusiness, and green energy.
New York REAP-ADD
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How much is the credit? The amount of the credit is the product of the amount of real property tax which exceeds 6% of the taxpayer's qualified gross income (QGI), and a specified rate based on the taxpayer's QGI. To claim the credit, the computed amount must exceed $250. The maximum credit allowed is $350.
The Relocation and Employment Assistance Program (REAP) offers business income tax credits for relocating jobs from outside of New York City or below 96th Street in Manhattan to designated locations above 96th Street in Manhattan or in one of the other four boroughs.
New York City school tax credit (fixed amount) You are entitled to this refundable credit if you: were a full-year or part-year New York City resident, cannot be claimed as a dependent on another taxpayer's federal income tax return, and. had income of $250,000 or less.
If you earned less than $25,100 filing jointly, less than $18,800 if filing as head-of-household, or less than $12,550 if filing as single, you can file quickly on your own to claim the Child Tax Credit (CTC) at GetCTC.org/nyc.
Benefit. Eligible businesses receive an annual credit of $3,000 for twelve years per eligible employee, or per eligible aggregate employment share (EAES), for relocating to a designated location. The number of EAESs is roughly the same as the number of full-time employees working at the eligible location.