IDA Incentives Information: IDA Incentives
Under this vehicle, a Qualified Project will transfer title to the IDA for a time period consistent with the financial assistance provided. The IDA will then lease the property or sells the property back under an installment sale agreement.
- 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.
- Payment in Lieu of Tax (PILOT) Agreements can exempt a qualified company from normal real property taxes, including school taxes. The PILOT allows the applicant to pay a portion of what it would normally pay in real property taxes, especially in the earlier years of the project.
- Sales & Use Tax Exemption - The Sales & Use Tax in Lewis County is 8%. 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. The Fee for this assistance is generally 10% of the project savings.
- Mortgage Recording Tax Exemption - In New York State, a company obtaining a morgage must pay a 1.00% mortgage recording tax – a significant expense. A qualifying company can receive this tax exemption benefit. The fee for this assistance is generally 10% of the Project savings.
- Program Description: Funding for Land, Building Renovation, New Equipment
- Funding: No limit
- Minimum Requirements: Determined by Lender
- IDAs are authorized to undertake a transaction whereby the Agency takes title, possession or control of a property or a project, thereby entitling such property to be exempt from taxation, even though no financial assistance in the form of proceeds of bonds issued by the IDA is provided to the project occupant.
Industrial Revenue Bonds (Tax Exempt):
- Funding for land, building renovation and/or new equipment.
- Funding up to $10 million based on financial strength of company - cost/benefit analysis needed.
- Minimum Requirements: Determined by bond purchaser; must meet requirements of 1986 Internal Revenue Code - cost/benefit analysis needed.
Industrial Revenue Bonds (Taxable):
- Funding for land, building renovation, and/or new equipment.
- Funding: No Limit.
- Minimun Requirements: Determined by bond purchaser; must meet requirements of 1986 Internal Revenue Code - cost/benefit analysis needed.
Please click link for application: LEWIS COUNTY IDA APPLICATION
The Lewis County Industrial Development Agency Fee Schedule is available upon request
Note: In order to obtain the above incentives the company must complete an application and be qualified. Qualifying depends on job creation, company location, company type and regulatory requirements. The application fee is $500.00. The above is subject to change.