The Suffolk IDA wants to ensure that you have access to all available programs focused on making your move to Suffolk County as successful and cost-effective as possible. We have partnered with the local utilities – PSEGLI (electric) and National Grid (gas) – to offer discounted energy programs and dedicated customer service to IDA clients. Additionally, our partners at the Suffolk County Department of Economic Development and Planning, Empire State Development Corporation, the Suffolk County Department of Labor and various business, technology and housing trade associations stand ready to provide benefits that can help your business grow. In addition to Suffolk IDA tax incentives, companies moving to or expanding in Suffolk County can take advantage of these economic incentive programs:
Start-Up NY is a program designed to help you relocate, expand or start a qualified business in a tax-free zone in New York State. These zones are affiliated with a local college or university. In Suffolk County, we have participating tax-free zones aligned with SUNY Stony Brook University and SUNY Farmingdale State College.
ReCharge New York (RNY) is an economic development power program designed to retain and create jobs through allocations of low-cost power. The program is open to businesses and non-profit organizations. Retail, sports venues, gaming or entertainment-related establishments, and places of overnight accommodation are not eligible. Allocation of low-cost power may be up to seven years.
The Excelsior Jobs Program provides job creation and investment incentives to companies in the following industries:
Qualifying companies are eligible for the following tax credits, claimed over a 10-year period:
The Excelsior Jobs Tax Credit: A credit of 6.85 percent of wages per new job to cover a portion of the associated payroll cost.
The Excelsior Investment Tax Credit: Valued at two percent of qualified investments.
The Excelsior Research and Development Tax Credit: A credit of 50 percent of the federal research and development credit up to three percent of research expenditures in New York State.
The Excelsior Real Property Tax Credit: Available to companies locating in certain distressed areas and to firms in targeted industries that meet higher employment and investment thresholds.
Posted: April 21, 2017 In: IDA News & Press