IDA Incentives for Business Growth

The Lewis County Industrial Development Agency offers the following incentives for Lewis County businesses:

Tax Incentives

Payment in Lieu of Tax (PILOT) - Agreements exempt a qualified company from normal real property taxes, including school taxes. The PILOT allows the applicant to reduced real property taxes, generally scaling taxation up to full rates over a period of years.

Sales & Use Tax Exemption - A qualified company can purchase the equipment, materials & services needed to acquire, construct, reconstruct &/or equip a project without having to pay sales & use taxes (Currently 8% in Lewis County).

Mortgage Recording Tax Exemption - In New York State, a company obtaining a mortgage must pay a 1.00% mortgage recording tax – a significant expense. A qualifying company can receive this tax exemption benefit from the LCIDA.

Lower Interest Rates for Debt Incurred - (2 – 3% lower than the conventional cost of borrowing). Taxable or tax exempt bonds can 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.

Sale-Lease Agreements

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.

IDAs may also purchase equipment and sell it to a qualifying company over time, in an installment sale arrangement.

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.

Minimum Requirements: Determined by bond purchaser; must meet requirements of 1986 Internal Revenue Code.

Industrial Revenue Bonds (Taxable)

Funding for land, building renovation, and/or new equipment.

Funding: No Limit.

Minimum Requirements: Determined by bond purchaser; must meet requirements of 1986 Internal Revenue Code.

Getting Started with IDA Incentives

Contact us to verify eligibility, then apply here: