New York State Law provides the WCIDA with the authority to abate or exempt taxes to qualifying projects, thus allowing a company to improve cash flow at a critical time in its growth. These tax incentives include:
- Property tax relief from county, school and municipal taxes that result from an increased assessed value from new construction or an expansion.
- Exemption of sales tax for non-production equipment, furnishing and construction materials.
- Exemption from mortgage recording taxes, when a mortgage is required to finance a project.
Learn more about the WCIDA click here
BUSINESS FINANCING PROGRAMS
The WCIDA may assist in the financing of business projects through several low interest loan programs available through our affiliated Wyoming County Business Assistance Corporation (WCBAC), subject to borrower eligibility.
- Business Development Revolving Loan Fund
- Community Partner for SBA 504 Loans
- Participation loans with local banks (Gap Financing)
- Industrial Revenue Bonds
The WCIDA is constantly working with a variety of state and federal agencies and monitors new and existing programs that could benefit local companies. The WCIDA has successfully worked with the following agencies to promote business growth in Wyoming County:
- Fingerlakes Regional Economic Development Council
- Empire State Development Corporation
- NYS Office of Community Renewal
- NYS Dept. of Environmental Conservation
- Workforce Investment Board
- US Department of Commerce
- Genesee Finger Lakes Regional Planning Council
- A company in need of assistance completes an IDA Lease/Leaseback Application. You may contact the WCIDA office either by phone or fill out and submit the contact information online for assistance in determining the best solution for your project.
- The application is brought to the WCIDA Board of Directors, which reviews the request and the benefits to economic development in Wyoming County. The WCIDA Board of Directors currently meets the 2nd Thursday of every month at the Wyoming County Business Services Center, 6470 Route 20A, Perry, N.Y.
The Board reviews:
a. Total company investment.
b. Financial history of the company.
c. Jobs to be created in the county.
Once determined by the Board to be an acceptable project, the next step is to schedule a public hearing if necessary.
Once a project is approved for incentives, the WCIDA Board grants the company Business Agent Status.
WHAT IS AGENT STATUS?
- By granting "Agent Status" the WCIDA enables a business to realize
an 8% sales tax exemption on certain materials and equipment being purchased and made part of the new project during the construction phase of the project.
- The company will also benefit from the exemption of mortgage recording tax, which in Wyoming County is 1.25% of the mortgaged amount.
- The company may also be granted partial real property tax abatement through a PILOT agreement. This will abate the real property tax on the increased value of the property once the project is complete.
- The base assessed value or assessed amount of the existing property remains billable at normal tax rates.
- The IDA does not reduce the existing tax obligation.
IDAs are required to hold a public hearing before approving any project for which financial assistance of more than $100,000 is proposed to be provided.
The public is encouraged to attend the public hearing held on behalf of the business requesting IDA incentives in the affected jurisdiction. If a person is unable to attend the public hearing, the IDA will take written comments concerning the project by mail, dropped off at our office, or electronically. To electronically submit any comments regarding a particular project, please e-mail your comments to [email protected].
For more information on the WCIDA, go to: What is the IDA