ICIP (Industrial & Commercial Incentive Program)

ICIP provided property tax exemptions for industrial and commercial construction and renovation, designed to encourage development and improvement of commercial/industrial properties in targeted areas. The program closed to new applicants in 2008 and was succeeded by ICAP (the Industrial and Commercial Abatement Program), which grants a tax abatement rather than an exemption.

Because ICIP benefits could run as long as 25 years, existing benefits are still phasing out on their original schedules — ICIP still appears on tax bills for properties that qualified before the cutoff, so it remains relevant when underwriting commercial and industrial acquisitions.