A wide range of economic development incentives is offered by the Rensselaer County Industrial Development Agency (IDA) and New York State through several government programs. The Rensselaer County 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:

• Taxable and tax-exempt bond financing and sale/leaseback transactions
• Empire Zone benefits
• Job Development Program (JDP)
• U.S Small Business Administration 504 Loan Program
• U.S Small Business Administration Prequalification Loan Program
• Machinery and Equipment Bond Program

Inquiries should be directed to Rensselaer County Economic Development and Planning at (518) 270-2914

Rensselaer County's Empire Zone was designated by New York State in November 2002. Rensselaer County Economic Development & Planning, in conjunction with the Rensselaer County Zone Administrative Board, administers the Empire Zone Program. The program makes tax credits available to businesses for the purpose of generating additional employment, encouraging private investment or retaining existing jobs in the county. To learn about additional eligibility requirements or to apply, contact Rensselaer County at (518) 270-2917.

Examples of tax credits:

• Real Property Tax Credit: a refund or tax credit from New York State on the property taxes paid by the business for up to 10 years.
• Sales Tax Exemption: an exemption of New York State sales tax on all tangible personal property used in conducting the business at its location in the Zone for up to 10 years.
• Tax Reduction Credit: a credit on business income tax for up to 10 years.
• Wage Tax Credit: a credit of $1,500 for a non-targeted worker and $3,000 for a targeted worker hired to fill a job created in the Zone for up to five years.
• Sales Tax Refund: a refund on sales taxes paid for building materials used to improve a building in the Zone for commercial or industrial use.
• Investment Tax Credit: an 8 percent tax credit for a personal tax filer or a 10 percent tax credit for a corporate tax filer for the purchase of property for use in manufacturing and other related activities in the Zone.
• Utility Rate Reduction: a reduction in utility rates for such services as natural gas, electricity and telephone.
• Employment Incentive Credit: an additional credit, equal to 30 percent of the Investment Tax Credit, available for three years following the taking of the Investment Tax Credit for businesses that continue to create employment in the Zone.

For more information, contact the Troy Economic Development Office at (518) 270-4589.

• Main Street Grant Program: Funding may be available for building renovation projects in the Main Street target area. The main street grant will match funding up to $10,000.
• 50/50 Matching Grant Program: Funds are available on a 50/50 matching basis for exterior rehabilitation. The grant program will match funding up to $10,000.
• Empire Zone Program: The City of Troy is part of the statewide Empire Zone program. The Zone designation allows the city to offer tax credits to businesses that locate and expand within the Zone boundaries.
• Energy Smart Community Program: Funding is available for energy audits to help businesses and organizations implement energy-efficient strategies. The city will provide an energy audit through its partners and evaluate what New York State Energy Research and Development Authority (NYSERDA) programs your business may be eligible for.
• Industrial Development Authority: Incentives include sales and use tax exemptions, mortgage recording tax exemptions, and real property tax exemptions.
• Real Property Tax Abatement: The City of Troy offers abatement from the increase in assessment based on improvements to real property for up to 10 years.

For more information, contact the Troy Economic Development Office at (518) 270-4589.

• Wage Tax Credit: a wage tax credit for up to five consecutive years is available for hiring full-time employees in newly created jobs. For employees in targeted groups, this credit equals $3,000 a year. A minimum credit of $1,500 a year is available for all other new employees.
• Investment Tax Credit: An investment tax credit is available for the manufacturer's purchase of production property and equipment. The credit is 10 percent for corporate franchise tax and 8 percent for personal income tax.
• Employee Incentive Credit: In addition to the investment tax credit, an employee incentive credit is available to corporations that create new employment. This credit equals 30 percent of the investment tax credit for each of the following three years in which the investment was made.
• New Companies to New York State: New companies to New York State are entitled to a 50 percent cash refund for both the wage tax and the investment tax credits.
• Energy Savings: National Grid offers reduced electric and gas rates to businesses within six months of locating or expanding in the Zone.
• Zone Capital Credits: A 25 percent tax credit against personal or corporate income taxes is available for a direct equity investment in a certified Zone business, or for contributions to approved community development projects within the Zone.
• Statewide Zone Capital Corporation Loan Program: Empire Zones from throughout New York State have contributed to an investment pool of more than $100 million. Businesses certified in the Troy Zone can apply to the corporation for financing through the Troy Empire Zone office.
• Sales Tax Refund: Purchases of building materials to be used in the development of commercial or industrial real property located in the Zone are eligible for a refund of New York State sales tax.
• Sales Tax Exemption: There is a state sales tax exemption (4 percent) from business-related expenses. Businesses must meet a required employment test.
• Real Property Tax Credit: A tax credit is applied against state business-related taxes based on a formula of job creation and real property taxes paid.
• Tax Reduction Tax Credit: A tax credit is applied against state business-related income taxes based upon a formula of job creation, total business assets, total wages paid, and the applicable tax liability.
• Verizon Discount: Verizon offers a 5 percent reduction on interstate calls. Zone certified business should call the customer assistance number on their Verizon bill for more information.

For more information, call the Troy Economic Development Office at (518) 270-4589.

• Bond Issuance: The Troy IDA issues industrial development bonds to private financial institutions for the purpose of providing lower cost financing to businesses and developers.
• Sale/Lease Back Transactions: The Troy IDA will purchase and lease back property to businesses or developers for the purpose of offering sales tax exemptions and property tax abatements.
• PILOT Agreements: Projects sponsored by the Troy IDA are exempt from real property taxes. Companies are required to enter into a Payment In Lieu of Tax (PILOT) Agreement with the Authority for a percentage of the property tax that would otherwise be due on the property if it were not sponsored by the Troy IDA.
• Sales Tax: The Troy IDA offers exemptions on materials purchased during construction and equipment.
• Mortgage Recording Tax: Troy IDA sponsored projects are exempt from New York State's mortgage recording tax.