Incentives to Help Companies Prosper
The Nassau County Industrial Development Agency (IDA) is committed to Economic Development in New York by helping businesses locate and expand in Nassau County. We stand ready to help companies take advantage of profit-enhancing financial incentives, and our partners are eager to assist with additional services from loans to tax credits to workforce training.
Four of the IDA’s direct financial assistance programs are outlined below, and we encourage you to contact us to discuss how the IDA can customize solutions for your business.
- Real Estate Tax Exemptions: Companies utilize a “PILOT” (Payment In Lieu Of Taxes) program to make payments to the IDA, potentially saving millions of dollars.
- Sales and use tax exemptions: Companies pay no sales or use tax on construction or equipment purchases that occur during the construction phase of a new project or expansion. Through this program, companies save 8.625% (current sales tax rate) on all qualifying purchases.
- Mortgage recording tax exemption: Companies can receive a full exemption from mortgage recording tax for any mortgage recorded in connection with a project. Through this program, companies save 1.05% (current mortgage recording tax rate) on qualifying mortgages.
- Tax exempt financing: The Nassau County IDA can issue both tax-exempt and taxable bonds, making the bond proceeds available to an eligible company. Financing through bonds can save companies a significant amount of their financing costs.
To learn about additional resources for New York Economic Development provided by our partner organizations, please refer to our Partners page.