FINANCIAL INCENTIVES FOR NEW AND EXISTING BUSINESSES
The City of Troy IDA offers financial assistance to new and existing businesses and developers through a variety of tax abatements and incentives. The Troy IDA meets on the last Friday of every month at 8:30 a.m. at Troy City Hall.
Troy IDA offers financial assistance to businesses through the following programs:
- Bond Issuance: The Troy IDA issues industrial development bonds to private financial institutions for the purpose of providing lower cost financing to businesses and developers.
- Sale/Lease Back Transactions: The Troy IDA will purchase and ‘lease back’ property to businesses or developers for the purpose of offering sales tax exemptions and property tax abatements.
- PILOT Agreements: Projects sponsored by the Troy IDA are exempt from real property taxes. Companies are required to enter into a Payment In Lieu of Tax (PILOT) Agreement with the Authority for a percentage of the property tax that would otherwise be due on the property if it were not sponsored by the Troy IDA.
- Sales Tax: The Troy IDA offers exemptions on materials purchased during construction, and equipment.
- Mortgage Recording Tax: Troy IDA sponsored projects are exempt from New York State’s mortgage recording tax.
To learn more about starting a business in Troy contact the Economic Development Office at (518) 270-4589 or go to: http://www.troyny.gov/economic_development/main.html