New York State Incentives
New York State Incentive Programs
New York State Incentive Programs
The Bethlehem IDA will work with your businesses to identify additional financial incentive opportunities that may be available to them upon relocation into the Town and the IDA will work closely with state agencies to match the business with the appropriate state programs and agencies.
Empire State Development (ESD) is New York’s chief economic development agency. The mission of Empire State Development is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, Empire State Development strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State.
Excelsior Jobs Program
One of the signature programs of ESD is the Excelsior Jobs Program (Excelsior). Excelsior offers tax credits to strategic businesses such as high tech, bio-tech, clean-tech and manufacturing that create jobs or make significant capital investments.
The following strategic businesses located in or planning to locate in NYS that will create jobs or retain jobs and make significant capital investments may be eligible.
- Scientific Research and Development firms creating at least 10 net new jobs.
- Software Development firms creating at least 10 net new jobs
- Agriculture firms creating at least 10 new jobs
- Manufacturing firms creating at least 25 net new jobs
- Financial services customer service back office operations creating at least 100 net new jobs
- Back office firms creating at least 150 net new jobs
- Distribution firms creating at least 150 net new jobs
- Other firms creating at least 300 net new jobs and investing at least $6 million
Firms in strategic industries that make significant capital investment that have at least 50 employees are also eligible to apply for participation in the Program.
Eligible project types:
- Job creation
- Job retention and significant capital investment
For more information on the Excelsior Jobs Program and other Empire State Development Program contact:
Empire State Development
Capital Region Office
433 River Street, Suite 1003
Troy, New York 12180
Office: (518) 270-1130
Fax: (518) 270-1141
The Office of Community Renewal administers the Community Development Block Grant (CDBG) program for the State of New York. The NYS CDBG program provides financial assistance to eligible cities, towns, and villages with populations under 50,000 and counties with an area population under 200,000 in order to develop viable communities by providing decent, affordable housing, and suitable living environments, as well as expanding economic opportunities, principally for persons of low and moderate income.
Under the New York State CDBG Economic Development Program there are two categories of funding activities:
- Economic Development
- Small Business
Economic Development and Small Business activities provide funds to local governments to support economic development projects that involve the creation or retention of permanent jobs, at least 51% of which must benefit persons of low-and moderate-income families (LMI).
Economic Development: Funding is typically provided to eligible communities for traditional economic development activities such as business attraction, expansion, and retention projects to provide financial assistance to businesses for an identified CDBG eligible activity which will result in the creation or retention of permanent, private sector job opportunities principally for LMI persons.
Small Business Assistance: Provides resources to eligible communities to foster small business development as a vehicle for sustainable economic development and growth while providing job opportunities for person from LMI families. For the purpose of this program, a small business is defined as a commercial enterprise that is independently owned, operated, and controlled and has fewer full-time equivalent employees at the time of application.
For more information on the Office of Community Renewal Programs contact:
New York State Office of Homes and Community Renewal
38-40 State Street, 4th Floor
Albany, NY 12207
Phone: (518) 474-2057
Fax: (518) 474-5247
Real Property Tax Exemption for Commercial, Business or Industrial Real Property (485-b)
Section 485-b of the Real Property Tax Law authorizes a partial exemption from real property taxation for commercial, business or industrial property constructed, altered, installed or improved.The cost of such construction, alteration, installation or improvement must exceed $10,000.
The amount of the exemption in the first year is 50% of the increase in the assessed value attributable to the improvement.The exemption amount then decreases by 5% in each of the first nine years.The exemption is offered on the Town portion of your property tax bill.
Find more information on the 485-b program here.