Sales and Use Tax Abatements in Goshen, NY can help your business flourish and adds to your all-important bottom line.
You need all the help you can get – from loyal, hard-working employees, to tax breaks that you deserve – and will help you succeed. The Orange County Industrial Development Agency (IDA) offers many Sales and Use Tax Abatements in Goshen, NY that can benefit your firm, no matter what size it is.
The Orange County IDA offers a variety of enterprising Sales and Use Tax Abatements in Goshen, NY. For instance, the Orange County IDA grants exemptions from sales tax on materials and equipment purchased and/or rented during qualified projects. Your business is given full exemption from local and New York State Sales and Use Taxes until the work is finished. Sales tax in Orange County is 8.125 percent.
While offering Sales and Use Tax Abatements in Goshen, NY, the Orange County IDA reviews projects on a caseby- case basis. In addition, a 485-b tax abatement if offered by most municipalities and school districts to be paid on improvements to land or an existing building. The cost of such construction must be between $10,000 and $50,000, according to the state department of taxation. Regular maintenance and repairs do not qualify for a 485-b tax abatement.
Approved new construction and renovations are given a 50 percent exemption of real property taxes during the first year. That number increases five percent every year until the 11th year. At that time, the property is fully taxed. However, by then, you would have greatly benefited from Sales and Use Tax Abatements in Goshen, NY.
For Sales and Use Tax Abatements in Goshen, NY contact the IDA at 845-234-4192