Orange County IDA announced a PILOT (Payment In Lieu of Taxes) program which will position the county to be more competitive in attracting commercial development. This innovative approach will double the tax benefits of the existing 485-b program. Starting with zero taxes the first year and 10% increases annually over the next 10 years, the end result is a 55% tax abatement. This is in addition to the usual tax breaks on manufacturing equipment, bank loans and tax exempt bonds.
This program was designed to specifically target companies in the areas of high-tech, bio-tech, nano-tech, tourism, agribusiness, professional office, communications and solar.
Orange County Executive Ed Diana stated, “This new program signals a commitment on our part to enhance the profitability of doing business in our county.”
Phil Crotty, OC IDA counsel stated, “This is the missing piece that will allow Orange County to attract the best of the best and compete with neighboring states for meaningful jobs so that our children don’t have to go to other centers of commerce and industry.”
|
