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Discussion on industrial business retention and IBZ relocation tax credit

0:37:08

·

65 sec

Council Member Farías inquires about the IBZ relocation tax credit and its usage for industrial business retention. Kitty Chan from SBS responds about their management of incentive programs and potential expansion.

The IBZ relocation tax credit is currently the main tax incentive for industrial businesses
SBS manages two incentives programs: the energy cost savings program and another unspecified program
Chan expresses openness to expanding incentives programs to assist businesses

Amanda Farías

0:37:08

Just wanna jump into a little bit of the questions around industrial business retention.

0:37:13

The IBZ relocation tax credit is currently the main tax incentive specific to industrial businesses, but there are limited incentives for business retention, as we've mentioned.

0:37:25

How many businesses use the IBZ relocation tax credit this fiscal year?

Kitty Chan

0:37:32

Thank you very much for that question.

0:37:34

We, SBS, manages 2 incentives programs, the energy cost savings program and

Amanda Farías

0:37:40

the lower Manhattan program.

0:37:42

We will have to get back to you for the answer for that one.

0:37:45

The number.

0:37:47

Okay.

0:37:48

And have you considered expanding the IBC credit to cover retention as well for folks just in the same vein of asking about where people are shifting to, moving out of, etcetera?

Kitty Chan

0:37:59

We we would always welcome the opportunity to, expand our incentives programs to, actually assist businesses.

0:38:08

And we will look forward to speaking to council if the opportunity comes up.

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SBS collaboration with other agencies on business retention