Financial Incentives & Policies

Consistent with the Agency’s Jobs Incentive program, the Agency is able to offer abatements for qualifying and approved projects in the areas of:

  • New York State local and sales tax – Project related construction purchases and rentals as well as equipment purchased are exempt from the 7 percent State and Local sales taxes
  • Mortgage recording tax – Mortgages executed by the IDA to secure project-related borrowings is partially exempt from the 1 percent New York State Mortgage Recording Tax
  • Real property taxes – The project is exempt from real property taxes during the term negotiated. Each project will enter into a Payment in Lieu of Tax Agreement (PILOT), which is an agreement with the IDA to pay a stipulated sum in lieu of taxes in conformance with the IDA’s Jobs Incentive Policy
  • Issuance of tax-exempt industrial development bonds for projects which qualify under the Internal Revenue Code