Fulton County Industrial Development Agency’s financial incentives give businesses a leading edge
- Post by FCIDA
- July 11, 2022
The expansion of the Benjamin Moore plant in Johnstown is projected to create 35 new jobs. The Vireo Health expansion is expected to bring around 180 jobs to the Fulton County area. When manufacturers, researchers, and other businesses move to or expand in Fulton County, they create opportunities for locals and build community wealth. The Fulton County Industrial Development Agency (IDA) partners with businesses like Benjamin Moore, Vireo and others to ensure projects work to the advantage of all community stakeholders.
The IDA can offer significant tax incentives that provide substantial cost savings to qualifying projects across a range of industries from biomedical research to healthcare services and more. Fulton County breweries and food manufacturers, business services and renewable energy providers are all potentially eligible for cost-saving tax exemptions.
The IDA’s mission is to foster economic development in Johnstown, Gloversville, and throughout Fulton County. As a public benefit corporation, the IDA is able to extend real property tax exemption benefits to eligible manufacturing, industrial, and not-for-profit projects. The IDA can also provide eligible projects with an exemption from New York State’s mortgage recording tax which is currently 1% in Fulton County. These benefits combined lower overhead for businesses relocating or expanding in the area.
The IDA has helped numerous Fulton County businesses grow by extending sales tax exemptions on eligible construction materials, machinery, and equipment during the construction, reconstruction, or installation periods. At present, the NYS and Fulton County sales tax totals 8%, so this exemption can confer serious cost savings.
Businesses reap substantial benefits from a partnership with the IDA. In addition, the IDA can facilitate business development, prioritize approvals and provide innovative solutions for a range of business needs. With shovel-ready sites and existing buildings available, Fulton County has opportunities to start or grow a business, and the IDA can smooth the process.
To apply for financial incentives, a company must submit a Project Application to the IDA Board. The Board must approve granting the incentives. Incentives can only be provided to eligible projects. Not all projects are eligible to receive IDA financial incentives.