IDA Benefits
An Industrial Development Agency (IDA) provides 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. These are the four major points of interest during any business expansion and/or relocation; a firm that looks to grow with IDA assistance can enjoy tax incentives for business as a result.
An Industrial Development Agency can also be called upon during a company relocation or expansion to assist with financing. This business incentive is accomplished 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. These tax incentives for businesses are available on any item that is used to construct, equip, and furnish the facility. All Industrial Revenue Bond projects also enjoy these tax savings. Thus, a firm that’s currently considering a company expansion or relocation should seek the advice of an IDA to learn more about their options.,
Beyond the substantial benefits available for financing and reducing taxes on specific company expansion projects, the Islip IDA takes a long-term, proactive role in helping companies that locate and grow here the tools to succeed. A business expansion or relocation is an economic endeavor that will benefit the community as a whole. As such, it’s in the best interest of an Industrial Development Agency to ensure that the company expansion is as economically favorable as possible for all involved. Specialists on the staff of our Industrial Development Agency 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.
