LIC Industrial Business Zone
Sixteen NYC neighborhoods with high proportions of industrial businesses have been designated Industrial Business Zones (IBZs). Literally thousands of businesses, non-industrial as well as industrial, are located within the boundaries of LIC's IBZ, which is one of the largest in acreage as well. The IBZ program is administered by the Mayor’s Office for Industrial and Manufacturing Businesses. (See benefits below.)
Take our Industrial Business Survey
We want to know more about all kinds of industrial businesses in LIC - manufacturers, distributors, contractors, printers, you name it. Filling out this survey will help us identify your needs, and the ways in which we can help make your business more profitable. Mail or fax the completed form to Debbie Mesloh, our Industrial Business Zone manager, and we'll give you a coupon to attend an LICBDC networking breakfast of your choice as our guest.
Click here for the survey form.
Map showing all of NYC’s IBZs.
http://www.nyc.gov/html/imb/html/ibz/ibz.shtml
Map of the LIC IBZ
http://www.nyc.gov/html/imb/downloads/pdf/long_island_city_map.pdf
Industrial Business Solutions Providers and Services
Industrial Business Solutions Providers like LICBDC offer industrial firms free, quick and reliable answers to a broad range of business questions including accessing appropriate financial and business assistance programs, navigating and complying with regulatory requirements, developing workforces and ensuring the neighborhood is well maintained.
Industrial Business Zone (IBZ) Incentive: the Relocation Tax Credit
• The IBZ Relocation Credit is a one-time tax credit for industrial firms moving to a property within an Industrial Business Zone (IBZ).
• Businesses receive a credit against their NYC Incorporated / Unincorporated Business Taxes up to the lesser of $1,000 per full-time employee or $100,000.
Who is Eligible:
• Industrial firms relocating to an IBZ from outside of an IBZ
• Firms already in an IBZ, but moving to a different space within that IBZ
When to Apply:
• The credit can be applied to firms’ NYC Incorporated / Unincorporated Business Tax incurred during the tax year of the move. (For businesses that entered into an agreement to purchase or lease property between July 1, 2005, and December 31, 2005, the credit can be taken during the 2006 tax year.)
Requirements:
• Firms may purchase or lease the move-in site
• Eligible premises must be located entirely within an IBZ
• Firms must be engaged in industrial and manufacturing activities
• Eligible businesses must have been conducting substantial business operations continuously during the past 24 months immediately preceding the relocation.
• Firms and their affiliates cannot own the move-out location unless it can be demonstrated that the new lease or building purchase is for expansion space
• Fill out the proper tax form or have your accountant fill out when preparing annual tax returns.
• Firms must continuously occupy the move-in site for a minimum of 5 years immediately following relocation
• Firms providing utilities and waste management services are not eligible.
Apply for the benefit using the IBZ Relocation Tax Credit Form
The form, available from the NYC Department of Finance, can be found on their website at www.nyc.gov/dof or through the links below.
Firms can claim the tax credit on either their General Corporation Tax (GCT) or Unincorporated Business Tax (UBT). The following forms for the 2006 tax year:
• GCT filers can find the IBZ tax credit in Form 9.6 : http://www.nyc.gov/html/dof/html/pdf/06pdf/nyc9_6_06.pdf
• UBT filers can find the IBZ tax credit in Form 114.6 : http://www.nyc.gov/html/dof/html/pdf/06pdf/nyc114_6_06.pdf
Please remember, this is a one-time tax credit of $1,000 per relocated employee is available to industrial and manufacturing firms that relocate to one of the City’s sixteen IBZs. Only firms that moved into an IBZ after July 1, 2005 are eligible. The tax credit is to be applied against the firm’s City tax liability and cannot exceed the lesser of actual relocation costs or $100,000.
