Accelerated Sales Tax Exemption Program (ASTEP)

The Accelerated Sales Tax Exemption Program (ASTEP) helps businesses buy equipment or make renovations without paying sales tax. The New York City Industrial Development Agency (NYCIDA) runs ASTEP.

Requirements

Businesses must meet these requirements:

• Make less than $10 million each year
• Be in a "highly distressed area"
• Not have received other NYCIDA benefits at the same place in the last five years

Eligible projects

The tax exemption is available for these projects:

• New equipment or renovations for industrial businesses
• New equipment or renovations for non-retail commercial businesses
• Food retail businesses buying equipment or renovating to make space for fresh or healthy food

Benefit

The benefit is a sales tax exemption of up to $100,000.