Apparently, 421-a is a tax abatement programme in New York State that is available to developers who develop multi-family housing. You can read more by reading the law, below.
One can find more information about Tax abatement online. Some of the useful websites about Tax abatement are Land Rights, Business Dictionary and Investopedia.
Tax abatement is a reduction in the amount of tax that must be paid. The term is most commonly used in connection with real estate taxes, where owners may apply for a tax abatement on the grounds that the property is valued for tax purposes at too high a level.
Some words that rhyme with "understatement" are abatement, defacement, and merriment.
Abatement of pain is the same as reduction of pain.
Smog abatement means reducing the amount or intensity of smog.
An order of abatement is a legal order to correct a violation of some sort.
Abatement may refer to Abatement Technologies, a well-known manufacturer of air duct cleaning equipment. Or it may refer to other services offered by the air duct cleaning provider, such as asbestos abatement or lead abatement.
Potential penalty abatement means the possibility that the amount of a penalty might be reduced.
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Penalty abatement is not something that one would want to "get out of". Penalty abatement is a relief from paying penalties to the IRS for the late filing or paying of taxes. First-Time Abate is a program for those who have been in compliance with the tax laws for at least three years.
often tax authorites will give a tax concession to entities to encourage certain types of behavior, ex if you build a factory in a certain area you will get an abatement (tax free)