The Fulton County Industrial Development Agency (IDA) can provide financial incentives to various types of projects including:
- Housing including multi-family, apartments, townhouses, condos and senior housing, as well as mixed use projects
- Research facilities
- Recreation facilities
- Educational or cultural facilities
- Retail: (Certain exceptions appy)
- Industrial pollution control facilities
- Railroad facilities
- Horse racing facilities
- Automobile racing facilities
- Continuing care retirement communities
Financial incentives can be offered to new construction or renovation of existing buildings and facilities.
Involving the FCIDA in a project can access important financial incentives that can provide substantial cost savings to an eligible project.
Involving the IDA with your project can provide important tax incentives that can generate substantial savings for your project. By lowering project costs, you’ll have more clearance for taking your corporate mission to the next level. If you’re advancing any project from the list above, contact the IDA to learn how to reduce costs by obtaining useful tax exemptions.
The IDA can provide eligible projects with real property tax exemptions. The IDA executes a Payment in Lieu of Taxes (PILOT) Agreement modeled after Section 485-b of NYS’s Real Property Tax Law, which provides a business with a 50% exemption on its assessed valuation in Year 1. The exemption decreases 5% per year for 10 years. Over that 10-year period, substantial savings can be realized.
The IDA can provide eligible projects with exemptions from New York State and Fulton County sales taxes on eligible construction materials and machinery and equipment. At present, the NYS and Fulton County sales tax totals 8%. The exemption is generally limited to the construction, reconstruction, or installation period and cannot cover ongoing operational costs. This exemption has helped many businesses achieve serious cost savings.
New York State offers additional financial incentives for businesses that are expanding or relocating within the state.
In addition to IDA incentives, New York State offers various financing incentives to businesses expanding in or relocating into the State. They include the Excelsior Jobs Program, the Consolidated Funding Application process and others.
Innovators and groundbreakers build community wealth and create opportunities. The IDA can offer these innovators and groundbreakers important incentives to make it easier to call Fulton County home.
To receive financial incentives, a Project Application must be submitted to the IDA Board for review and approval.