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.
Click HERE for more information about the Rockland County IDA.
