In an effort to boost childcare centers in New York City, for a limited time the city is offering a tax abatement to eligible owners.
Owners of eligible buildings, including class 1, 2 and 4 properties, may receive the childcare center tax abatement for construction, conversions, alterations, or improvements of their property to create or expand an existing childcare center. Any such work completed on or after April 1, 2022, may qualify. The incentive comes in the form of an abatement of property tax, up to the full amount expended by the owner in creating the new or expanded childcare center, although such amount is subject to a cap, to be later discussed.
