New York State Law provides the WCIDA with the authority to abate or exempt taxes to qualifying projects, thus allowing a company to improve cash flow at a critical time in its growth. These tax incentives include:
- Property tax relief from county, school and municipal taxes that result from an increased assessed value from new construction or an expansion.
- Exemption of sales tax for non-production equipment, furnishing and construction materials.
- Exemption from mortgage recording taxes, when a mortgage is required to finance a project.
Learn more about the WCIDA (PPT).
Business Financing Programs
The WCIDA may assist in the financing of business projects through several low interest loan programs available through our affiliated Wyoming County Business Assistance Corporation (WCBAC), subject to borrower eligibility.
- Business Development Revolving Loan Fund
- Community Partner for SBA 504 Loans
- Participation loans with local banks (Gap Financing)
- Industrial Revenue Bonds
The WCIDA is constantly working with a variety of state and federal agencies and monitors new and existing programs that could benefit local companies. The WCIDA has successfully worked with the following agencies to promote business growth in Wyoming County:
- Fingerlakes Regional Economic Development Council
- Empire State Development Corporation
- NYS Office of Community Renewal
- NYS Department of Environmental Conservation
- Workforce Investment Board
- US Department of Commerce
- Genesee Finger Lakes Regional Planning Council