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NYC Relocations Nearly Done Paying Off

NEW YORK CITY-A program inviting corporate America to come here, or encouraging Manhattan firms to head for the boroughs, is expiring.

By Rayna Katz | Updated on June 19, 2013

NEW YORK CITY-For any company mulling a move from Manhattan into the outer boroughs—or any firm that is eyeing a migration into the city from elsewhere around the world—now’s the time to pull the trigger. That’s because the city’s Relocation Employment Assistance Program is set to expire on June 30.

Under REAP, which is administered by the NYC Dept. of Finance, any business that moves from Manhattan to another borough or a firm from another city, state, or even country that comes to New York City is eligible for some serious cash rewards. More specifically, for any such company that has been in business for at least two years, the city will grant tax credits for 12 years—plus the actual year of relocation—of up to $3,000 a year per for each W-2 employee involved in a qualifying relocation.

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