By taking advantage of a variety of Tax Incentives in Newburgh, NY, you can save your firm a large amount of money every year.
The Orange County Industrial Development Agency (IDA) offers many different Tax Incentives in Newburgh, NY that can help your company flourish. Among other things, the Orange County IDA offers exemptions from sales tax on materials and equipment purchased during construction projects. The Orange County IDA also helps with a mortgage recording tax exemption as a further example of Tax Incentives in Newburgh, NY.
Mortgages filed for an Orange County IDA sponsored project is exempt from 1.05 percent of the New York State mortgage recording tax. Some other Tax Incentives in Newburgh, NY sponsored by the Orange County IDA include tax abatements for improvements on a property which results in an increase in its property value by the taking jurisdiction (city/town/village, county and school district). The IDA’s PILOT (Payment In Lieu of Taxes) program offers an agreed-upon percentage that usually would be due on the property if the project was completed without any tax abatements.
The IDA’s 10 and 15-year PILOT are given on a case-by-case basis. All projects are subject to eligibility requirements. You can also benefit from a wide array of Tax Incentives in Newburgh, NY from the state and from Orange and Rockland and Central Hudson Utilities, which offer their own discounts for companies that relocate to the Hudson Valley, NY region.
The truth is, many important projects and start-up companies would never be formed without Tax Incentives in Newburgh, NY, especially in difficult financial times.
For Tax Incentives in Newburgh, NY contact the IDA at 845-234-4192