Downtown businesses got a boost this week when the State Legislature extended expiring tax incentives for four years.
As part of Lower Manhattan’s Commercial Revitalization Program, businesses that move into pre-1975 space south of Canal St. and those that expand or improve their spaces are eligible for tax abatements. The tax breaks would have sunsetted at the end of March, but now businesses can apply until March 31, 2014 and may receive benefits until March 31, 2020.
The extra time will allow potential World Trade Center tenants the chance to take advantage of the program, and officials hope they will help fill the buildings once they are done.
Assembly Speaker Sheldon Silver and State Sen. Daniel Squadron, who represent Lower Manhattan, sponsored the legislation, and the Downtown Alliance business improvement district supported it as well. Gov. Paterson is expected to sign the extension.
