Tax Incentives
Tax Incentives Overview
Tax Incentives Application Timeline
FAQ's
Q: What types of tax incentives are available?
A: Tax incentives are not grants or lump sums of money given to businesses from an exisiting source of taxpayer dollars. Rather, tax incentives function more like a "buy two, get one half off" investment for businesses. A business must make a significant private investment in economic growth in order to qualify for tax incentives.
Like every local, State and foreign economic regions, the ECIDA has "incentive programs" to encourage businesses to locate and expand in our region, keeping Erie County competitive for high paying, quality jobs and employers. The ECIDA's tax incentive program provides savings of the following;
1) real estate property taxes - savings through a PILOT (payment in lieu of taxes) provides savings on County, Municipal and School taxes based upon the value added by new construction or major renovation
2) sales tax savings on the purchase of non production equipment and construction materials
3) a .75% mortgage recording tax exemption of the mortgage recording fee
Q: Is my project eligible for a tax incentive?
A: Contact the ECIDA to determine if your project is eligible for incentives. Eligibility is based upon the "Countywide Industrial Development Agency Uniform Tax Exemption Policy" (UTEP).
Q: What size project makes sense for ECIDA tax incentives?
A: Projects should generally be over $500,000 to be economically feasible.
Q: What types of approvals are necessary?
A: Public notice, public hearing and ECIDA Board approval are required. Projects must comply with SEQRA requirements. Your ECIDA Business Development Team can help navigate the required approvals and notices, and timeline.
Q: Can I get an estimate of the tax savings I can expect on my project?
A: Use our Benefits Estimator to see how our incentives can help grow your business.
Q: What is the PILOT term?
A: Your project may qualify for a 5 to 7 year, or 10-year PILOT. Contact the ECIDA with the specifics of your project to determine what your project may qualify for.
Q: How do I apply?
A: Contact and experienced member of our Business Development Team at 716-856-6525.
