What We Do

At the Babylon IDA, we work at the intersection between local business and local government. By offering tax savings incentives and fast-track permit processing for prospective and existing enterprises, we stimulate sustainable economic development and revitalization within the Town of Babylon. This growth promotes job creation, additional economic activity for local businesses, town beautification, rising property values, and a higher quality of life within the Town, which serves all residents and businesses.

Below are a few of the services that the Babylon IDA brings to the table:

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.

Save Money

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 includes:

• Tax-exempt bonds: projects can be financed through low-cost tax-exempt bonds.
• Taxable bonds: projects and costs that do not qualify for tax-exempt bonds can be financed through low-interest taxable bonds.

Fast Approvals

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.

For more information about the Babylon IDA, please see the below fact sheet: