IDAs provide four basic benefits to a qualified project: low cost financing, an abatement of real property taxes, and exemptions from both the mortgage recording tax and sales tax attributable to the construction and equipping of the IDA project. IDAs can be used as a financing mechanism by allowing the applicant access to the industrial revenue bond market, which can often translate to lower rates and more favorable terms than conventional financing. Or applicants can choose traditional financing, but still receive a property tax abatement, as well as substantial savings, by avoiding the mortgage recording tax and sales tax on any item that is used to construct, equip, and furnish the facility. All Industrial Revenue Bond projects also enjoy these tax savings.

Beyond the substantial benefits available for financing and reducing taxes on specific projects, the Islip IDA takes a long-term, proactive role in helping companies that locate here to succeed. Our specialists are always available to consult regarding any special needs or difficulties these businesses encounter. We can facilitate applications, speed approvals, and find innovative solutions to address almost any problem involving municipal regulations or services.

 

Angie M. Carpenter
Supervisor

Steven J. Flotteron
Councilman

Trish Bergin-Weichbrodt
Councilwoman

John C. Cochrane, Jr
Councilman

Mary Kate Mullan
Councilwoman