Wayne
County IDA Revolving Loan Fund
Enhances industrial development and job creation through
low-interest loans in cooperation with private and other
government lending programs to provide gap financing for
manufacturing projects. Recipients must create one new job
for every $10,000 in loans. Available for the purchase of
land, construction, renovation, machinery and equipment,
and working capital.
Loans
can be up to 20 percent of projected costs, up to a maximum
of $300,000 (subject to availability). The interest rate
is fixed as a percentage of prime adjusted quarterly and
the repayment terms are typically the same as set by the
principal lender.
For-profit
manufacturing, industrial, commercial, warehousing and research
companies in Wayne County are eligible. Retail, service,
residential and farming businesses are ineligible.
Wayne
County Industrial Site Fund
Unique
on a county level, this fund assists municipalities with
public infrastructure improvements required to locate a
manufacturing facility. Wayne County will assist in the
cost of any required improvements at the lesser of one-third
of the total cost, or $100,000. Can include any public water
lines, sewer lines, roads, curbing, lighting, etc.
Typically,
the county pays one-third, the town pays one-third, and
the developer pays one-third. On larger projects, we may
request assistance from state or federal government programs.
In such instances, the local match is then divided using
the above formula with the approval of the Wayne County
Board of Supervisors. No such request has ever been declined
locally.
IDA
Revenue Bonds and Tax Incentive Program 
WCIDA helps facilitate the financing of an industrial or
qualified non-industrial project through issuance of taxable
or tax-exempt industrial development (revenue) bonds (IRB
or IDB).
Tax
Incentives may be accessed without bond financing using
a sale/leaseback transaction. Eligible projects include
construction, acquisition and renovation of real property
as well as the purchase of machinery and equipment.
IDB
financing also provides companies with sale/leaseback benefits.
A project owned by the Wayne County Industrial Development
Agency (WCIDA) and leased to a manufacturing entity can
provide many benefits. A sales tax exemption on the project,
related sales and use taxes, and an exemption of the one
percent New York State Mortgage tax are cases in point.
Additionally,
the WCIDA has adopted a countywide policy for the provision
of real property tax incentives for expanding manufacturing
industries. The incentives provided apply to value added
only. This 10-year program allows for a 100 percent abatement
for the first five years and a 50 percent abatement the
second five years of county, town, village and school district
real estate taxes, except special districts.
Business
Property Tax Exemption
With few exemptions, this exemption is available for county,
town, village and school district taxes and does apply to
special district taxes. It consists of a 50 percent exemption
in increased assessed valuation for the first year and for
any new construction or improvement exceeding $10,000. The
exemption would decline 5 percent per year for an additional
nine years for a total 10-year exemption. It is available
for all commercial and industrial projects, including hotels
and motels, but cannot be used in conjunction with the IDA
tax incentive program. A one-page application to the town
assessor is all that is required.
Microenterprise
Revolving Loan Program
Makes loans up to $25,000 for the purchase of fixed assets
or working capital. Provides both technical and financial
assistance to the startup or expanding small business creating
or retaining low to moderate income jobs. The interest rate,
based on prime, will be fixed at the time of closing with
a repayment term of up to eight years, depending on the
use of proceeds. This is available for businesses with five
or fewer employees within Wayne County. Ineligible businesses
are those involved in real estate speculation, lending,
gambling, or other illegal activities, pyramid sales, opinion
molding and investment activities. Additionally, refinancing
of existing debt is not permitted.
Small
Business Administration Program (SBA 504)
This fixed asset economic development program from the U.S.
Small Business Administration promotes growth and job creation
in small businesses. The WEDC is a resource center for this
program that provides long-term, second mortgage money for
expanding businesses. The interest rate is fixed at the
time of the loan funding at rates tied to yields on treasury
securities, usually below the prime rate. The rate, inclusive
of all serving fees, is usually 2 percent of above the five
or 10 year U.S. Treasury Note yield and is typically 1 percent
to 2 percent under market rates.
SBA
504 loans are used in conjunction with conventional bank
financing to provide a total of 90 percent of project costs
or appraised value. Loans are available ranging from $100,000
to $1 million (in some cases $1.3 million), or up to 40
percent of appraised value or total project costs, whichever
is less. To be eligible, owner-occupied projects should
create or retain one job for each $35,000 provided by the
SBA. Recipients must use proceeds from 504 loans for fixed
asset projects such as purchasing land, buildings, long-term
machinery and equipment, building expansion and new construction.
The 504 program cannot be used for working capital, inventory,
consolidating or repaying debt or refinancing. Most related
soft costs of the project are eligible. Loan terms are up
to 10 years for purchase of equipment and machinery and
up to 20 years for real property. This program is available
to most types of for-profit, creditworthy businesses with
a tangible net worth of under $6 million and which do not
have an average net income over $2 million during the last
two years.
Funds
may be available through:
- Direct
loans or grants to business for a portion of the cost
of the project and dependent on job creation.
- Interest
rate subsidies as a grant or linked deposit with the lending
institution to reduce the cost of borrowing from private
or public sector financial institutions.
- Loan
guarantees for working capital assistance.
- Infrastructure
assistance as a loan and grant combination for a portion
of the cost of an infrastructure project.
The
state can provide financial assistance for most types of
businesses including manufacturing, warehousing, service
companies, research and development and tourism destination
projects.
Tax
Incentive Programs
Empire
Zone
Within Wayne County qualified current businesses and those
looking to re-locate to Wayne County may take advantage
of the County's Empire Zone program. Wayne County was
designated with a two-mile Empire Zone in 2002. Companies
within this area, or those who locate on this land may
take advantage of a variety of tax credits and exemptions.
The county earned its status by demonstrating that it
has sufficient vacant land, industrial and commercial
infrastructure, a skilled workforce and abundant resources
such as power and water supplies. Click
here to learn more about Wayne County Empire Zone
Benefits.
Investment
Tax Credit
A manufacturer making significant investments in New York
State can receive investment tax credits that will reduce
its effective tax rate to as low as the alternative minimum
rate (currently 3.7625 percent). The manufacturer can
carry unused Investment tax credits forward for 10 years.
Corporate
Franchise Tax Allocation Percentages
Business corporations are subject to tax only on the portion
of their activities deemed to be attributable to activities
in New York State.
Sales
Tax Exemptions
Within various guidelines, exemptions are available for
utilities, machinery, equipment, parts, tools, labor,
industrial waste treatment, delivery transportation, storage
and maintenance.
New
York State Department of Labor
Federal
Bonding Program
(Lee Koon (716-258-8887 usalek@labor.state.ny.us)
As an
incentive to employers to hire a job applicant who is potentially
a high risk for theft, forgery, or embezzlement (i.e. ex-offender,
ex-addict, someone with poor credit, person with a dishonorable
discharge), this program will issue a Fidelity Bond to the
employer free-of-charge for six months. If worker demonstrates
honesty during the first six months of Federal Bonding Coverage,
the worker can become bondable for life under commercial
bonding available to the employer for purchase from Travelers
Property Casualty Insurance Company.
(JSEC)
Job Service Employer Committee Karen Blankenberg 315-331-2011
ext. 27 usaklb@labor.state.ny.us)
Provides
workshops, seminars on employment related issues, sponsors
Job Fairs, opportunities to network with other businesses
and serves as a vehicle to inform DOL on how to improve
existing services and new services desired.
Tax
Credits
Karen Blankenberg 315-331-2011 ext. 27 usaklb@labor.state.ny.us)
Nancy Gellasch 315-331-2011 Ext. 19 usbncg@labor.state.ny.us
WOTC
(Work Opportunity Tax Credit)
Businesses can receive a federal tax credit of 40 percent
of the first $6,000 first year wages ($2,400) by hiring
individuals from designated target groups: TANF recipients,
Veterans whose families are receiving food stamps, disadvantaged
ex-felons, high risk youth ages 18-24, vocational rehabilitation
referrals, summer youth ages 16-17, food stamp recipients
ages 18-24, SSI recipients. Two simple forms (one is most
effective if used with all applications seeking employment
with your company).
WtW
(Welfare-to-Work)
Businesses can receive a federal tax credit of $8,500
over a two year period by hiring long-term welfare recipients
(continuous 18 months immediately prior to hire).
WETC
(Workers with Disabilities Employment Tax Credit) Business
can receive a state tax credit of 35 percent of the first
$6,000 wages ($2,100) during the second year of employment
by hiring disabled individuals. An individual qualifying
for WETC also qualifies for WOTC which enables the company
to receive two years of tax credits.
County.
The Wayne Economic Development Corporation (WEDC) will provide
a detailed listing of incentives tailored to your individual
needs and utilizing all applicable local, state and federal
programs.
