Take advantage of our tax benefits.
The IDA is authorized by the state of New York to offer tax benefits to qualifying businesses. These include property tax abatement, sales tax exemption and relief from mortgage and recording taxes. All of these benefits can help to bring new job-creating businesses to the town and to retain existing firms looking to expand or relocate.
Available tax programs include:
- Real property tax abatement — when approved by the IDA board, a project becomes exempt from taxes on that portion of the property which is new or expanded. The business then enters into an agreement with the IDA to make payments in lieu of taxes which can amount to a fraction of what actual taxes would be.
- Sales and use tax exemptions — an IDA project is granted an exemption from sales and use taxes on the purchase of construction materials, supplies, fixtures, furniture, and equipment, which can be a major savings on total project costs.
- No mortgage and recording taxes — a qualified project realizes another significant savings since it is exempt from mortgage and recording taxes.