Sentences with phrase «ida tax»

SelectOne officials said the project needed IDA tax breaks because, without them, the renovation work would have a negative return on investment of 1 percent over the next 10 years.

A report from the Center for Governmental Research in Rochester found that between 1979 and 2015, the 370 companies that received Amherst IDA tax breaks helped increase the town's tax base by roughly $ 570 million, while creating 25,600 jobs that paid, on average, nearly 50 percent more than the typical job in the Buffalo Niagara region.

It also must disclose any claims or findings made against the company during the period it is receiving IDA tax breaks.

Revenue from real property tax — the major component of IDA tax breaks — is the county's second largest revenue source, according to data from the state comptroller's office.

The IDA tax breaks granted in both phases are more generous than the standard offered most businesses.

Not exact matches

She pointed out that the Syracuse IDA made no such demand last year when it approved exemptions from sales and mortgage recording taxes for COR's construction of an Aloft hotel, the first building in the Inner Harbor project.

COR requested the tax breaks — which were valued at nearly $ 45 million — in October, but their approval touched off a war of words between Mahoney and Syracuse Mayor Stephanie Miner, who said the city's IDA should have negotiated a subsidy deal.

The Onondaga County IDA did not require such an agreement in return for a payment in lieu of taxes, or PILOT.

The primary mission of the Tompkins County Industrial Development Agency (IDA) is to offer economic incentives to Tompkins County businesses in order to create and retain quality employment opportunities and strengthen the local tax base.

He wants ESDC, the state's primary business aid agency, to review IDA incentive packages that include an exemption from the state's 4 percent sales tax.

«We really need a more standardized and more accountable approach to evaluating whether or not we're getting the bang for the buck that's being given in terms of tax breaks and other incentives that IDAs give out,» DiNapoli said.

In 2011, IDAs across the state provided more than half a billion dollars in net tax exemptions to 4,486 projects.

Mayor Stephanie Miner has not commented on COR's move to seek tax breaks from the county IDA rather than the Syracuse Industrial Development Agency.

And whereas IDA sales tax abatements typically cover the costs of construction materials and equipment purchased to initially outfit the building, Yahoo will receive the tax exemption on equipment purchases for 20 years.

And, while this legislative change relates only to the granting of State sales tax exemptions it should motivate IDAs to revisit and strengthen their own policies pertaining to the granting of local sales tax exemptions,» the report states.

Today the ECIDA is the statewide example of what an IDA should be: one that ensures the public benefits from the tax incentives we provide.

In the Hempstead IDA debacle over tax breaks for the Green Acres Mall, Santino called for the IDA board to resign and new members were appointed.

Since the study's publication, the IDA has approved tax breaks worth more than $ 7 million for eight hotels in price ranges the study explicitly discourages subsidizing.

IDAs aren't normally supposed to give tax breaks to retail projects — a category that includes hotels — but state law includes a number of exceptions, including one for developments that will be «regional tourism destinations.»

The IDA has given tax breaks to 8 budget and mid-range hotels since the report's release in 2011, six of them new builds.

But the IDA has also approved $ 7 million in tax breaks to do exactly what the consultant's report said not to: add to the city's «glut» of lower - quality hotel rooms.

The developers, Landmark Preservation, L.C. of New York City, whose two principals attended the IDA session, are guaranteed tens of millions of dollars in tax breaks over a 35 - year period.

Merani and Strangio have received tax breaks worth a combined $ 9.2 million from the Niagara County IDA.

State officials are so confident that the IDA will give tax breaks to hotel projects that their economic analysis assumes that developers will receive IDA subsidies — even if they haven't yet applied for them.

The IDA has accepted the Hamister Group's application for $ 4.24 million in tax breaks, and will likely approve the deal at their next meeting, once a public hearing has been held.

The focus now shifts to the Ulster County IDA, which will be coming to town on Jan. 28 to hold a public hearing on Wilmorite's PILOT application for a basically «tax - free» Park Point project.

Cuomo wants any IDA incentive package that would give away state sales tax money be approved by the Empire State Development agency.

Comptroller George Maragos is seeking documents relating to the tax agreement, which the IDA granted to the Green Acres Mall in December 2014.

Because of New York State's burdensome tax and regulatory environment, IDA benefits can level the playing field for local businesses.

C. William Gaylor III (R - Lynbrook) on Tuesday called on the Valley Stream school districts to return «$ 3 million in excess taxes» he says they overcharged taxpayers as a result of the IDA's agreement with the mall.

IDAs now can exempt businesses from paying the 4 percent state sales tax on approved projects, without any oversight from the state.

COR received $ 44 million in tax exemptions from the Onondaga County IDA.

IDAs for Erie County and five municipalities will soon be asked to approve a new county - wide policy allowing tax breaks for middle - income senior apartment buildings that meet certain criteria.

The Rensselaer County Industrial Development Agency (IDA) is dedicated to promoting economic development and vitality within the County — offering sales and property tax incentives, grants and low - cost capital to attract and retain businesses:

In addition to the tax incentive programs often related to the IDA, I continue to advocate for new policies for local businesses to help them expand and thrive here in Erie County.

Payments in lieu of taxes granted by the Hempstead Town IDA for the Green Acres Mall and an adjacent shopping center in Valley Stream spurred the school districts» dispute.

Six months before jilting the Syracuse Industrial Development Agency to seek tax breaks from Onondaga County's IDA, the developer of the Syracuse Inner Harbor sued the city to cut its tax bill on the land to be developed.

Ryan has introduced legislation that would limit the tax breaks town IDAs can offer.

Miner filed a lawsuit this month seeking to halt the project after the Onondaga County IDA approved tax breaks for COR Development Co., the Inner Harbor developer that acquired the land from the city.

And let's not forget the Cappelli and Avalon tax breaks, the NR IDA give - aways, the bloated overtime and pension contracts which are breaking the backs of the taxpayers.

The Niagara USA Chamber has been working with various advocacy groups and the County's IDA office to ask the Governor to withdraw a provision in his executive Budget regarding the ability of IDAs to abate the state portion of New York State Sales Tax.

Likewise, countywide IDAs would have to approve abatements involving county property, sales and mortgages taxes.

Miner said COR officials had promised not to seek a payment in lieu of taxes, and that the IDA should have imposed tougher local hiring requirements before granting one.

This provision would prohibit IDAs from abating the state sales tax on a project unless that project is eligible to receive Excelsior Jobs tax credits.

In fact, the Niagara County IDA has recently worked with companies including GreenPac, Franks Vacuum Truck Service, and Olin Chlor Alkali which are important to the economy of Niagara County, and relied on sales tax abatement to move these projects to successful completion.

The governor says the change will keep IDAs accountable by requiring them to have projects that involve state tax exemptions to be approved by the regional councils.

While l02 IDA's are protesting their tax bills from the State of New York (Westchester County Business Journal, 4/12/10), the residents of New Rochelle are aware that local IDA benefits given to developers have not been financially rewarding to the City.

In addition, the county executive has gotten behind a proposal of Assemblyman Sean Ryan that would limit town IDAs to offering tax breaks only within their own towns.

But opponents said the part of the IDA policy that calls for random audits goes too far, adding a new bureaucratic burden to businesses getting tax breaks and requiring them to disclose sensitive payroll information.

The IDA helps companies access and negotiate tax and rate incentives.