Tax Incentives

Industrial Revenue Bonds

Funds are provided by commercial banks or private investors.
Best suited to larger, financially strong industrial, manufacturing, agri-business, corporate office, and R&D projects.
Proceeds are used to finance fixed assets, including real estate and building acquisition, construction or renovation, and acquisition of machinery and equipment.
Two forms of bond financing are “tax exempt” for industrial projects and “taxable” for most others.
Benefits of both are the ability to finance 100% of the fixed assets, exemption from sales tax on construction materials, equipment, furniture and fixtures, and real property tax abatements.
The added advantage of financing “manufacturing” projects of less than $10 million with tax-exempt bonds is the preferred interest rates available to qualified projects.
It is necessary to review the proposed project with a representative from the Niagara County Center for Economic Development to determine eligibility and benefits.

An alternative to conventional Industrial Revenue Bond financing which can also assist industrial, distribution, and R&D projects
Ideally suited to real estate/facility project.
Places title to the project to the Niagara County Center for Economic Development and the facility is leased back to the tenant/company.
As with an Industrial Revenue Bond project, a Payment-in-Lieu of Tax (PILOT) agreement is utilized to provide real property tax abatements and sales tax exemptions.
This type of project should also be reviewed with a representative from the Niagara County Center for Economic Development to determine eligibility and benefits.

To learn more about one or more of these tax incentives, please contact us today.