Tax Incentive Program
Tax Incentive Program
The Franklin County Industrial Development Agency (IDA), a public benefit corporation formed under Article 18-A of the New York State General Municipal Law, was created to promote, encourage, attract and develop job and recreational opportunities, and to facilitate economically sound business development in Franklin County.
To accomplish this, the IDA can provide property tax abatement, a sales and use tax exemption, and a mortgage recording tax exemption for qualifying projects with significant capital investment.
- Property Tax Abatement
- Sales & Use Tax Exemption
- Mortgage Tax Exemption
Property Tax Abatement
The IDA provides a property tax abatement for qualifying projects. The abatement applies to added value to a property as a result of construction or substantial renovations.
Each project receiving an abatement will be subject to a Payment-In-Lieu-Of-Tax (PILOT) Agreement in accordance with the IDA’s Uniform Tax Exemption Policy.
Sales & Use Tax Exemption
The IDA offers exemptions from state and local sales and use taxes. These tax exemptions apply to purchases made for approved projects, including construction materials, furnishings, fixtures and equipment. The exemption ends when the construction or renovation project is complete.
The sales tax rate in Franklin County is 8%.
Mortgage Tax Exemption
The IDA provides a state and local mortgage recording tax exemption which reduces costs for projects secured by a mortgage.
The mortgage recording tax rate in Franklin County is 1%.
