Tax credit helping New York business owners could be taken out of state budget
The tax credit incentivizes businesses to move out from below 96th Street in Manhattan to above 96th Street.
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An over two decades old tax credit to incentivize businesses to move out from below 96th Street in Manhattan to above 96th Street and the outer boroughs may soon expire.
Even though it gets lots of support from Mayor Eric Adams and Gov. Kathy Hochul, nearby business owners are worried that legislators from other parts of the state do not realize the impact that this resource has on local businesses in New York City.
In the state Assembly and Senate's budget proposal from last week, the program that had been running since 2003 was not included.
The state budget proposal is due by the end of March -- that is when business owners who benefit from the program will hope to see it get renewed for years to come.
