Ontario County INCENTIVES

Transcription

1 INCENTIVES Ontario County Greater Rochester Enterprise. 100 Chestnut Street. One HSBC Plaza, Suite Rochester New York P F Ontario Business Incentive/s Eligible Users Benefits/Eligible Uses For More Information Zone s New York State Empire Zone Qualifying businesses located in a designated Empire Zone. QEZE Sales Tax Exemption - 10-year exemption from state sales tax on certain purchases of goods/services. QEZE Credit for Real Property - Refundable credit against their business tax equal to a percentage of real property taxes paid. QEZE Tax Reduction Credit - Credit against their tax equal to a percentage of taxes attributable to the zone enterprise. Wage Tax Credit - This credit is available for up to five consecutive years for companies hiring full-time employees in newly created jobs. EZ Investment Tax and Employment Incentives Credit - Tax credit up to 19% of the company's eligible investment. centives/empire_zones/descriptions_benefi ts.asp New Business Refund - New state businesses receive a 50% cash refund of unused EZ-WTC and EZ-ITC amounts. Utility Rate Savings - Reduced electric and gas rates Zone Capital Credit - A 25% tax credit against personal or corporate income taxes. HUBZone

2 1 Small businesses that qualify as HUBZone The HUBZone Empowerment Contracting (Historically Underutilized Business Zone) stimulates economic development certification in part by employing staff who and creates jobs in urban and rural live in a HUBZone. The company must also communities by providing federal maintain a "principal office" in one of the contracting preferences to small specially designated areas. businesses. Loans Genesee/Finger Lakes Regional Revolving Loan Fund Microenterprise Technology Fund New York State Business Development Corporation Loan Manufacturers and service businesses Purchase of machinery and/or equipment, rehabilitation of industrial property, purchase of industrial property and site development and expansion. Also has a companion loan fund that can finance working capital needs. velopment.htm 1 Start-up technology microenterprise Loans/grants are expected to be in the $50 - businesses with less than 5 employees with expenditures for patent filings, ongoing R&D, prototype development, and like costs. 1 2 Small- to medium-sized business, women and minority-owned businesses and businesses that credit opportunities are unavailable $60K range, and are limited to technologyoriented businesses, especially those coming from the Center for Excellence in Canandaigua and the Technology Farm at Cornell Ag and Food Technology Park in Geneva. NYBDC is a complement to conventional banking, working in partnership with banks to provide term loans, many of which do not meet the requirements for traditional financing. Our goal is to be more creative in our underwriting. In many cases, we include multiple participations, SBA guarantees, flexible amortization and longterm payouts. New York State Job Development Authority Direct Loan Qualified businesses in manufacturing, distribution, warehousing and certain service industries. Loans from $50,000 to $3.5 million to encourage businesses to expand, locate or Businesses/loan_discounts.asp modernize their facilities in New York State. New York State Linked Deposit 1 2 Manufacturers with 500 or fewer The program provides a two to three employees, service businesses with 100 or percentage points savings on the prevailing Businesses/loan_discounts.asp fewer employees, Empire Zone businesses interest rate for "Linked Loans," to make and companies located in highly distressed borrowing less expensive. The maximum areas with 100 or fewer employees and loan amount of $1,000,000 for four years. businesses with a 100 or fewer employees undertaking a plan to increase the business's export abilities. Ontario County Revolving Loan Fund Manufacturing and industrial businesses Equipment, company acquisitions and building purchases and construction. ntario-county-financial-incentives.shtml Section 108 Loan Economic development, housing rehabilitation, public facilities, and largescale physical improvement projects. Economic and community development projects that have the potential to renew communities. pment/programs/108/index.cfm

3 Small Business Administration 504 Loan Small Business Administration 7A Loan Guarantee Small Business Administration 7M Micro Loan 1 Small businesses Expansion projects that create/retain jobs, real estate projects or acquisition of machinery and equipment 1 Small businesses Real estate, equipment, working capital and other business purposes. 1 Small businesses Provides short-term loans of up to $35,000 to small businesses and not-for-profit childcare centers for working capital or the purchase of inventory, supplies, furniture, fixtures, machinery and/or equipment. ml Grants Environmental Investment 1 2 Small- to medium-sized businesses Provides funding for capital investments, research, development and demonstration, and_environment/environmental_assistanc and technical assistance that produce e/pollution_prevention.asp measurable results in pollution prevention, reuse and recycling. Global Export Market Service 1 2 Small- to medium-sized manufacturer, service or agricultural business with 500 or fewer employees and whose New York State production content is at least 51%. Helps businesses expand through increased export activities. Can provide up to $25,000 in export marketing consultant services for individual companies, and up to $50,000 for groups of companies or industry associations. Industrial Effectiveness 1 2 Small- to medium-sized businesses Assists companies in identifying, developing and implementing improved management and production to enhance efficiency, expand market share and promote job growth. New York State's Manufacturing Extension 1 2 Companies are selected based on demonstrated need, company size (companies must be small- or mediumsized), willingness to share costs and contribute resources, involvement of employees, and commitment to selfimprovement. Grants of up to $60,000 to private consultants. They will identify, develop and implement improved management and production processes for businesses to expand market share and promote job growth or retention within New York State. Small Cities Grant Company must be located in an eligible Expansion projects that create/retain jobs. area and make a capital investment into the organization that will result in the creation or retention of at least 7 new jobs. Businesses/global_markets.asp and_environment/industrial_effectiveness.a sp and_environment/industrial_effectiveness.a sp /default.asp Tax Abatement Sales Leaseback Agreements - Payment In Lieu of Taxes (P.I.L.O.T.) If the company or property qualifies under Industrial Development Agency guidelines (ex. manufacturers, back office/administrative service centers). The following benefits are available to companies who enter into a Sales Leaseback Agreement with an IDA. Real Property Tax Abatement - Abatement of the real property tax for a designated period of time. centives/taxes_and_incentives/default.asp

4 New York State Sales Tax Exemption - Sales tax exemptions on the purchases and costs associated with creating/retaining jobs. Examples: sales tax associated with contractor costs, business vehicles sales tax. Mortgage Recording Tax Exemption - Local mortgage recording tax is waived. Tax Credits New York State Investment Tax Credit Companies that create new jobs and make The investment may qualify the business to new investments in production property and receive up to a 10% tax credit on their centives/taxes_and_incentives/default.asp equipment. investments. New York State Research and Development Tax Credit New or expanding tech companies that make investments in research and development facilities that create new jobs. Investments in research and development facilities are eligible for a 9% corporate tax credit. Additional credits are available to encourage the creation and expansion of emerging technology businesses, including a three-year job creation credit of $1,000 per employee and a capital credit for investments in emerging technologies. centives/taxes_and_incentives/default.asp Energy Building Redevelopment Companies interested in redeveloping brownfields and/or abandoned buildings with preference to companies located in Renewal Communities or Empire Zones. Grants to fund utility-related infrastructure improvements necessary for the redevelopment of brownfields and abandoned buildings. ess/ecodevprgincentives#3 Capital Investment Incentive Business attraction and expansion projects and involves an existing or prospective customer with a monthly peak electric demand of at least 300 kilowatts. Economic Development through Greater Energy Efficiency (EDGE) Grants to fund improvements for electric infrastructure or certain business projects that involve major capital investment New York State businesses EDGE provides financial and technical support for detailed engineering studies of manufacturing operations; and financial assistance for the demonstration of innovative energy-efficient process technology. New York State Energy $mart Loan Fund New York State businesses that undertake Investments may qualify for a 4% reduction pre-qualified cost-effective investments that in a financial institution's loan rate from reduce energy use. New York State for the life of the loan. Power Naturally Any business or facility assessed with a Systems Benefit Charge (RG&E, NYSEG, NIMO distribution territories). Small Commercial Energy Audit Any facility assessed with a Systems Benefit Charge with less than $100,000 in annual electric bills is eligible for an energy audit. Installation of 50kW or smaller end-use solar or wind energy system. Must be grid connected. $4.00/watt incentive for solar systems. NYSERDA provides financial assistance for the cost of an energy audit and matching funds for implementation of audit recommendations. ess/ecodevprgincentives# p

5 Smart Equipment Choices Any business or facility assessed with a Systems Benefit Charge (RG&E, NYSEG, NIMO distribution territories). University-Industry Energy Research Projects that combine the resources of the university with those of the industry to find energy-efficient solutions to industrial problems. Utility Infrastructure Investment Projects may involve an existing or prospective customer with a monthly peak electric demand of at least 100 kilowatts. To be eligible, total project cost must also involve capital investment of at least $1 million. NYSERDA rebates on approved energy efficient equipment such as lighting, lt.asp motors, geothermal heat pumps, and HVAC refrigeration. Funding to reduce risks and operating costs, increased opportunities to develop and use innovative technologies, and improved access to university resources and specialized equipment. Provide funding for new electricity facilities to assist in the development of certain sites or buildings. These sites represent the service area's best potential industrial development opportunities. Primary focus is on sites which are: state-designated as Shovel Ready, located in an Empire Zone, part of the City of Rochester Renewal Community, or included in RG&E's own Prime Sites. Other sites will be considered based on economic impact to the community. ess/ecodevprgincentives#1 Workforce Development New York State Training Grants New York State offers assistance to small and large businesses attempting to meet the challenges of creating new products, entering new markets and improving production. Funding available for up to 50 percent of any training project, training in new ographics/training_assistance.asp technologies, skills or work processes, training in a classroom setting and/or onthe-job, funding for consortia projects, and funding for small business training projects.