The New York State legislature has passed three tax incentives to stimulate job growth and alleviate commercial vacancy in New York City. Sponsored by State Sen. Andrew Gounardes and Assemblymember Grace Lee, these incentives include REAP and the new RACE program, aimed at attracting out-of-state businesses to use underutilized office space. The established REAP program has successfully created thousands of jobs, while the new measures are projected to generate $385 million for the city, setting a foundation for a robust recovery post-pandemic.
"This legislation ensures that Downtown Brooklyn and commercial hubs across the borough remain front and center in innovation, creativity and growth."
"The tax incentives passed 143-4 in the Assembly and 40-19 in the Senate."
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