Incentives That Go Directly To The Bottom Line
Our financial incentive packages are designed to help lower your operating costs. We offer a variety of financial assistance, including:
- Real Estate Tax Abatements for qualified companies and projects.
- Sales and Use Tax Abatements for exemption on state and county sales tax on materials and equipment included in a project.
- Mortgage Recording Tax Abatement if a mortgage is used to finance the project.
Further financial assistance is available for the purchase, rehabilitation, or expansion of existing facilities, for new construction, and for machinery and equipment. Low interest financing available through the Babylon IDA include:
- Tax-exempt bonds: projects can be financed through low-cost tax-exempt bonds.
- Taxable bonds: projects and some costs who do not meet the qualification for tax-exempt bonds can be financed through low interest taxable bonds.
Delays in getting required approvals can add thousands to the cost of an expansion, move or development project. At the Babylon IDA, we've cut the red tape and fast-tracked the approval process. We even work with town and county agencies to give you "up-front" feedback on your proposed plans. That helps cut approval time even further. That saves time. And in business, time saved is money saved.
To qualify for financial assistance through the Babylon IDA, projects must meet the following criteria:
- The project site is within the geographical boundaries of the Town of Babylon.
- The project costs are one million dollars or more (this includes the cost of building acquistion).
- The project is manufacturing or industrial use, workforce housing or a designated tourist destination.
- The project will create new job opportunities or retain existing jobs.
How do I partner with the Babylon IDA?
Click here to start the application process.