Rockland County Industrial Development Agency (IDA)
The Rockland Industrial Development Agency (IDA) provides a variety of financial incentives to promote the attraction of new businesses to Rockland County, as well as the expansion of existing businesses in the community. These include:
- Sales Tax Exemption: The IDA can provide exemption from the 8.375% State and County sales tax for capital expenditures related to the project. Sales tax exemption can be applied to furniture, fixtures, equipment and renovation/construction materials related to the approved project.
- Mortgage Recording Tax Exemption: The IDA can provide exception from 1.05% of the State/County mortgage recording tax for applicable project financing.
- PILOT (Payment In Lieu of Taxes): The IDA is the legal vehicle for an eligible project to negotiate a property tax abatement agreement with local taxing entities (village, town, school district). In Rockland, each PILOT is unique and individually negotiated – and this allows PILOTs to establish a creative structure that can meet the needs of both developers and the local communities.
- Tax Exempt Bond Financing: This type of financing is limited to manufacturers, certain types of housing projects and non-profit entities. For eligible projects, the IDA can provide an “umbrella” of tax exemption for a bond that is provided by the applicant’s lending institution.
Incentives are subject by the submission of an application, meeting eligibility requirements and consideration by the IDA board for approval.
