Real
Property Tax Credits - applied against state business-related taxes.
This credit is available for 15 years – 10 years at 100%, decreasing 20%
each year thereafter. Real property tax credits may reduce a qualified
company's state tax liability below the alternative minimum tax or the
fixed-dollar minimum. Unused credits may be obtained as a cash refund.
Exemption
from the 4% State Sales & Use taxes - This applies to all tangible
personal property & services predominately used (50% or more) for a
qualifying company. This is valid for qualified company up to 10
years.
Sales
& Use Tax Exemption - The Sales & Use Tax in Lewis County is
7%. A qualified company can purchase the equipment, materials &
services needed to acquire, construct, reconstruct &/or equip the project
without having to pay sales & use taxes.
Real
Property Tax Abatements - Payment in Lieu of Tax (PILOT) Agreements
can exempt a qualified company from normal real property taxes, including
school taxes. The PILOT will usually require the applicant to pay
a portion of what it would normally pay in real property taxes, especially
in the earlier years of the project. This can act as a safety net
for real property tax credits in case the company no longer qualifies for
those credits.
Lower
Interest Rates for Debt Incurred (2 – 3% lower than the conventional
cost of borrowing). Taxable or tax exempt bonds cans be issued
for qualified companies, subject to the limitations imposed by the Internal
Revenue Code. This also gives them access to the public financial
markets (i.e. GE Credit, Mutual Funds, & Investment Houses).
Linked-Deposit loans are also available.
Mortgage
Recording Tax Exemption - In New York State, mortgagor must pay a
.75% mortgage recording tax – a significant expense. A qualifying
company can receive this benefit.
Power
Rate Reduction - Qualifying businesses may be able to get an average
of 50% – 75% reduction in electrical rates.
Wage
Tax Credits – Qualifying companies can receive credit equals $1,500
for non-targeted jobs created and $3,000 for targeted jobs created.
Credits may be taken for up to 5 consecutive years.
Investments
Tax Credits – Qualifying businesses can receive an 8 – 10% credit for
any investment costs, such as: construction, renovation, or purchase of
buildings or equipment for a production business.
County
Employment & Training – On-the-job training contracts. A
qualified company may be reimbursed 50% of a new employees wages for a
specified period of time. Employees must be Workforce Investment
Act eligible.
Telephone
Rate Reduction - Qualifying businesses may qualify for a 5% rate reduction
on telephone costs.
Technical
Assistance – Site Selection/Start Ups, Business Planning/Analysis,
Assistance with Local, State, & Federal programs.
Financial
(Loan & Grant) Assistance – available from Local, State & Federal
Sources.
Note:
In order to obtain the above incentives the company must be qualified.
Qualifying depends on job creation, company location, company type and
regulatory requirements. The above is subject to change.
Interesting
Facts about our area can be found on the Lewis County Industrial Development
Site - www.lcida.org