Are you thinking of relocating your business to the Bronx, New York? You may be eligible for a range of tax incentives and other programs that can make the move more affordable. The city offers several real estate incentive programs to stimulate business activity in certain neighborhoods, and there are also federal and private investment programs that have been designed to promote economic growth in the county. To be eligible for tax credits, businesses must move their operations to a location higher than 96th Street in Manhattan or in the Bronx, Brooklyn, Staten Island or Queens. The credits are based on the number of skilled jobs related to the relocation.
Additionally, businesses must have been in operation for at least 24 months before moving, must not have operations in New York City before relocation, and must purchase property or sign a lease with a minimum term of three years. The influx of companies has created a competitive market for office space, making it one of the most expensive markets in the world. To help businesses prepare their employees, services, and facilities for emergencies, there is information available from organizations that specialize in this area. The Business Assistance Program provides business counseling, support for product development, marketing, and business plan design.
The NYC Business Solutions & Training Funds program is a similar program and has been designed to help small business owners recruit and train talented people. Future entrepreneurs can benefit from training and mentoring programs such as Business Mentor NY and those offered by the Small Business Development Center at Lehman College. All of these programs are key incentives for industrial and commercial companies that want to improve or build facilities or relocate their operations to certain specific areas of New York City. With these incentives in mind, it's no wonder that more and more companies are moving or opening offices in New York City to take advantage of their trained and educated workforce.