The Madison County IDA provides benefits to qualified companies in four primary ways:
· Taxable and tax-exempt Industrial Revenue Bonds
· PILOT (Payment in Lieu Of Taxes)
· Sales tax exemptions for equipment and material used in the construction of new or expanded plant / facilities
· Mortgage recording tax exemption (3/4 of 1% in Madison County)
Economic Development Incentives available to companies located in, or relocating to Madison County:
New York offers a variety of incentives to companies expanding or relocating in the Empire State. These include:
- Investment Tax Credit (ITC). Businesses that create new jobs and make new investments in production property and equipment may qualify for tax credits of up to 10% of their eligible investment. New businesses may elect to receive a refund of certain credits, and all unused credits can be carried forward for 15 years.
- Research and Development Tax Credit. Investments in research and development facilities are eligible for a 9% corporate tax credit. Additional credits are available to encourage the creation and expansion of emerging technology businesses, including a three-year job creation credit of $1,000 per employee and a capital credit for investments in emerging technologies.
- Sales Tax Exemptions. New York State offers exemptions for purchases of production machinery and equipment, research and development property, and fuels/utilities used in manufacturing and R&D
- Real Property Tax Abatement. To encourage development, expansion, and improvement of commercial property, a 10-year property tax abatement is available to offset increased assessments due to improvements to business and commercial property.
- No Personal Property Tax. Unlike many other states, which tax both real property and personal property, property taxes in New York State are imposed on real property only. Personal property, whether tangible or intangible, is exempt from state and local taxes.
(source: http://www.empire.state.ny.us/Tax_and_Financial_Incentives/Taxes_and_Incentives/default.asp)
County Loan Incentives
Madison County offers lending programs designed to promote job growth for companies located within the county or contemplating relocation into the county. These lending programs are primarily targeted towards manufacturing firms, however consideration for loans to non-manufacturing firms will be reviewed on a case by case basis.
- The Revolving Loan Fund provides fixed rate loans up to $100,000 based on a company's job creation projections. The loan fund provides capital for real estate, machinery, or equipment acquisition.
- The Micro Enterprise Loan Fund provides fixed rate loans up to $25,000 for small business to help increase job creation or to provide assistance to a new start up business. This loan fund also provides capital for real estate, machinery, equipment and other working capital needs that result in job creation.
The City of Oneida offers a loan program for companies located inside the city boundaries. This program provides fixed rate loans up to $35,000. Proceeds can be used for most business related capital investment projects. Eligibility is based on a case by case review of the project.
Additionally, The Linked Deposit Program Provides:
- The ability for eligible businesses to obtain loans from commercial banks, savings banks, savings and loan associations, farm credit institutions and the New York Business Development Corporation.
- A two to three percentage points savings on the prevailing interest rate for "Linked Loans," to make borrowing less expensive.
- A maximum loan amount of $500,000 for four years.
(source: http://www.empire.state.ny.us/Small_and_Growing_Businesses/loan_discounts.asp)
Empire Zone Incentives
New York State's Empire Zone program was created to stimulate economic growth through a variety of State tax incentives designed to attract new businesses to New York State and to enable existing businesses to expand and create more jobs.
To participate in the Empire Zones Program, a business must first be located in an empire zone, or qualify as a regionally significant project, and become zone certified. To qualify for certification, a business must be able to demonstrate that it will create new jobs and/or make investments in the empire zone and be consistent with the local zone's development plan, including a cost-benefit analysis.
(source: http://www.empire.state.ny.us/Tax_and_Financial_Incentives/Empire_Zones/default.asp)
