The Rockland IDA provides financial incentives to retain, expand and attract business in Rockland County. Incentives include state and local sales tax exemption, mortgage recording tax exemption, tax exempt bond financing and a real property tax abatement program. The IDA does not receive any public funding and operates solely from the fees it generates. Click here to visit the complete Rockland County IDA Web site.
IDA Board members include:
IDA Executive Director
Sales and Use Tax Exemption: The IDA can provide exemption from the State and County sales tax of 8.375% on all furniture, fixtures, equipment and construction materials directly related to the IDA-approved project. The sales tax exemption is defined by specific parameters of the approved project, which will be site specific, sets the total dollar amount of purchases that will be sales tax exempt and establishes the time period for project construction/renovation.
Mortgage Recording Tax Exemption: The IDA can provide exemption on the State’s mortgage recording tax of 1.3% that would be applicable on financing of an IDA-approved project.
Real Property Tax Abatement: Subject to IDA approval, the applicant is entitled to negotiate a Payment In Lieu Of Taxes (PILOT) agreement with the affected local taxing entities (village, town, school district). Typically, PILOTS are negotiated agreements that establish the amount or percentages paid on set assessment values by the property owner for the duration of the agreement. Important to note is that, for this incentive, the IDA serves to facilitate the PILOT structure and approval process – but the financial benefit or incentive, if any, is subject to the formal approval of the involved taxing entities.
Tax Exempt Bond Financing: Under specific circumstances, the IDA may provide tax exemption on bond financing for eligible projects. Typically, these projects are limited to manufacturers or housing projects that meet specific eligibility criteria. Important to note is that the IDA does not provide direct financing, but rather serves as the vehicle to enable the bonding to be tax exempt.
To learn more about IDA incentives and eligibility criteria, as well as the Application and approval process, contact Steven Porath, Executive Director at 845.735.7040 | firstname.lastname@example.org or go to www.rocklandida.org.