Sorting through the numerous local, state, and federal financial assistance and tax incentives programs is daunting. Cold calling agencies or spending hours on websites reading about the various programs without knowledge, experience, and understanding how the programs work and are interrelated can make your project tread water.
Timing is also critical. Knowing when to apply for programs and in which order to apply for them is essential in enhancing the probability of your project’s success.
Incentives are tied to a project – acquiring or leasing a new building, constructing a new building, increasing a building’s footprint, developing an industrial, multifamily, or hospitality project, acquiring, developing, or leasing a new manufacturing, warehouse, or distribution space, making capital expenditures on new equipment, adding new product lines, investing in energy efficient machinery or equipment, and adding or retaining jobs to the local workforce.
Your company may be able to qualify for programs through industrial development agencies that can lower your property taxes on your real estate – owned or leased. Additionally, industrial development agencies can exempt the state and local sales tax on furniture, fixture, equipment and building material purchased in relation to the project. Industrial development agencies can also exempt a significant portion of the mortgage recording tax if the project will be financed. Taken together, these incentives and exemptions can total in the millions of dollars.
There are New York State programs that provide payroll tax credits for new hires and investment tax credits for machinery, equipment and building purchases.
One of the highest cost factors for manufacturers is energy. PSEG, National Grid, and the New York Power Authority all have economic development programs, incentives, and special rates tied to the retention and growth of jobs and capital investment.
Standard Advisors will assess your project’s viability for incentives, create custom proformas, and advise you through the application process.
Having us on your team gives you a higher-level understanding of the incentives landscape driven by expert knowledge, decades of experience, and flawless execution.