| Businesses
in Orange County enjoy substantial municipal,
county, state and federal incentives.
We are home to a Foreign Trade Zone. Our Industrial Development
Agency and municipalities are eager
to work with customers to keep Orange
County competitive. In addition, we
work closely with representatives from
Empire State Development to offer the
best incentives packages available. |
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Summary
of Orange County and
New York State Incentives |
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Linked Deposit
Program Used in conjunction with bank
loans. Participating banks can apply
for a 2% - 3% interest subsidy on loan
amounts up to $500,000 to reduce company
borrowing costs for up to four years. |
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Financing with
lower interest rates for up to 40% of
new equipment and/or real estate. |
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Infrastructure
Assistance Grant/loan combination to
municipalities, local development agencies
and industrial development agencies
for relocation and expansion projects
that will foster economic development.
Up to $1,000,000. |
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Capital Investment
Tax Credit Corporate tax credit of 5%
for new capital investment in new buildings,
and/or depreciable tangible personal
property used for manufacturing or R&D
purposes. The tax credit is useable
for up to 10 years. |
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Employment Incentive
Tax Credit Available to manufacturers,
the tax credit is deductible in each
of the 2 years after the first year
of original investment for all new employees.
The credit is 2.5% in each year. In
order to be eligible, employment forecasts
must conform to certain requirements. |
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Workforce Training
Defrays the cost of employee training
for up to 50% of the cost based on the
program specifications. |
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Department
of Labor Assistance Employee recruitment,
screening and interviewing. It is free
of charge. |
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Export Assistance
works with manufacturers to expand their
export markets. |
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Technical Assistance
Help with engineering and other construction
technicalities. Provided through the
Hudson Valley Technology Corp. |
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The
FTZ can reduce trade tariffs on goods
in transit that stop in Orange County. |
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| ORANGE
COUNTY |
| Industrial
Development Agency enables, |
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Elimination of
1.05% mortgage tax for new construction |
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Elimination of
State and local sales tax on the cost
of construction materials for new construction
or rehab of existing facility (currently
8.125%) |
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Industrial Development
Bonds for financing of up to $10 million
are exempt from State and local taxes
on interest paid – available to
manufacturing and R&D companies
only. |
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485B Tax Abatement
is available from most municipalities
and school districts on the tax to be
paid on improvements to the land or
an existing building. 50% reduction
in local taxes in Year 1, 45% reduction
in Year 2, and so on until Year 11 when
100% of taxes are paid by company. |
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Discounts are available
and vary depending on which utility
serves the area. |
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| Orange
and Rockland Utilities |
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| Central
Hudson |
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