The AIDA provides three (3)
major tax incentives to eligible projects:
- SALES TAX EXEMPTION - Approved projects
assisted through the Amherst IDA are exempt from payment of sales tax on
construction materials, equipment and fixtures.
- MORTGAGE RECORDING TAX
EXEMPTION - Approved projects are exempt from the 1% New York State Mortgage
Recording Tax for commercial property.
- 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.