Incentives

The AIDA provides three (3) major tax incentives to eligible projects:
  1. SALES TAX EXEMPTION - Approved projects assisted through the Amherst IDA are exempt from payment of sales tax on construction materials, equipment and fixtures.
  2. MORTGAGE RECORDING TAX EXEMPTION - Approved projects are exempt from the 1% New York State Mortgage Recording Tax for commercial property.
  3. PROPERTY TAX ABATEMENT - Eligible projects adding new taxable assessed value can apply for a tax abatement under the Countywide IDA PILOT (payment in lieu of tax) policy which classifies projects by use and occupancy. The PILOT policy for each classification requires payments to be made in accordance with a graduated scale over a 7 or 10 year period after which the property pays full as if owned taxes.

If a project has additional funding needs, the AIDA works with its partners to provide additional incentives such as loans, workforce training funding, and other grant/tax incentives from a variety of State and Local sources.  A list of our economic development partners can be accessed here.

Incentives

The AIDA provides three (3) major tax incentives to eligible projects:
  1. SALES TAX EXEMPTION - Approved projects assisted through the Amherst IDA are exempt from payment of sales tax on construction materials, equipment and fixtures.
  2. MORTGAGE RECORDING TAX EXEMPTION - Approved projects are exempt from the 1% New York State Mortgage Recording Tax for commercial property.
  3. PROPERTY TAX ABATEMENT - Eligible projects adding new taxable assessed value can apply for a tax abatement under the Countywide IDA PILOT (payment in lieu of tax) policy which classifies projects by use and occupancy. The PILOT policy for each classification requires payments to be made in accordance with a graduated scale over a 7 or 10 year period after which the property pays full as if owned taxes.

If a project has additional funding needs, the AIDA works with its partners to provide additional incentives such as loans, workforce training funding, and other grant/tax incentives from a variety of State and Local sources.  A list of our economic development partners can be accessed here.