Exclusive | Crucial tax controversial credit to save Manhattan Center job

The push of real estate merchants for Albany to renew a controversial critical tax credit to save the center of Manhattan became a real “cliffhanger”, but it seems ready for approval, he has known that the post.

The relocation of relocation of relocation of relocation to the whole city and a similar specifically for Lower Manhattan, known as LM-reap, provide tax credits of up to $ 3,000 per employee to companies that move from the city or from Manhattan parts to designated areas in the foreign municipalities or in the center of Manhattan.

Tens of thousands of jobs and the future of lower Manhattan buildings scores would be at risk if little -known Reap programs would not be renewed when they expired on June 30, according to business owners and proponents.

The measures were left out of the state budget plan announced in April and were sentenced as legislators in the Senate of the State and the Assembly escaped for their summer getaway.

But there was a movement in an extension over the weekend, he told The Post a well -known fountain.

“He finally had key approval in the assembly and tomorrow looks good in the Senate, which was where he was hanging,” said the fountain.

Michael Gianaris, the majority leader of the Queens State Senate, among others, had argued that Reap cost the city too much in previous taxes, up to $ 33 million in 2033, according to the Finance Department, to justify the economic benefits that would bring additional jobs.

But renewing the program “is essential to cover the recovery, preserve the affordable offices space and promote the growth of labor in small and medium -sized businesses,” argued a representative of the city center alliance.

Supporters say that the LM-reap costs the city an imminent $ 5 million a year: heavy heavy against the tax benefits that helps to generate in goods and income taxes, although these figures are more difficult to quantify.

Reap began in 1987 to curb an exodus of tenants in New Jersey. The Manhattan Lower Plan, launched in 2003, is credited with supporting 16,000 city jobs and helping to rent hundreds of thousands of square feet of office space in a market that has had lower than UPS since 11 of 11.

A fountain predicted a new flight wave to New Jersey if you let it die.

“New York companies are actively recruiting with programs that offer up to $ 8,000 for work and $ 250,000. Of course, if New York is going back, New Jersey will come in,” said the source.

Reap’s renovations, as well as the creation of a new program called the transfer credit credit for employees (race), are supported by Governor Kathy Hochul.

But fearing that the measures would be killed, the representatives of the Local Congress threw their voices on the strip.

Gregory Meeks, Grace Meng, Ritchie Torres, Thomas Suozzi and Adriano Espaillat wrote to the leader of the majority of the Senate, Andrea Stweart-Cousins, and the President of the Assembly, Carl Heastie, who with “High High Office vacation in the center of the city center,” is not the time to end the LM-ROEP. “

The Reap programs have also contributed jobs to Dumbo, Metrotech and The Navy Yard to Brooklyn and Long Island City in Queens.

But the heat is mostly at the bottom of Manhattan, where more than 20% of the almost 90 million square feet of the offices of the second largest commercial district in the country are vacant, and can worse.

“I think the numbers cited for current and future vacancies are too low, especially in Water Street,” said a center executive who requested anonymity in The Post. “The Reap program is essential to keep competitive at the center.”