Some of the most important local initiatives being pushed by the Chapter in 2012 include:

  • Extending Industrial And Commercial Abatement Program (ICAP) benefits south of 96th Street. The ICAP program provides abatements for real property taxes for up to 25 years and serves as a powerful incentive to build, modernize and expand eligible commercial and industrial buildings. By expanding the program south of 96th Street in Manhattan, the State will help jumpstart the dormant commercial development industry in Manhattan.

  • Stopping the passage of a harmful Living Wage Bill in New York City -- The New York City Council has proposed a bill that would mandate that a “living wage” be paid to any worker in a building that is financed at a certain level by government funded economic/tax incentives. This bill, as currently drafted, could significantly reduce commercial development in the five boroughs.

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