Our robust set of tools provide financial assistance & incentives to the business community.
PILOT Agreement
Under a PILOT, the owner continues to pay full property taxes on the pre-investment assessed value of the property combined with an authorized reduced rate on the value of the new investment for a set period of years once it is completed.
Sales Tax Exemptions for Building Projects
We can provide businesses with a sales tax exemption for purchases made in conjunction with building construction, including materials, machinery, and office equipment. This incentive also plays an important role in making new building and expansion projects viable.
Mortgage Tax Recording Exemptions
New York State and the counties assess a mortgage recording tax in the amount of 1.25% on mortgages filed in the county. We can provide businesses with exemptions from this tax, helping make building projects more affordable and allowing businesses to invest that money in other ways.
Tax-Exempt Bonds
We provide tax-exempt financing through the issuance of industrial revenue bonds for qualified businesses. This is an incredibly useful tool that allows businesses to borrow at a lower interest rate and perhaps a longer term in partnership with a qualified lender. Through this program, the IDA issues bonds, which are purchased by private investors, and the proceeds are loaned to the business.