New York State, the City of Rochester, and each of the counties within the
Greater Rochester Region offer business incentives to encourage investments
that drive business growth and job creation. The incentives are available
individually, or bundled as part of a comprehensive program, such as the
Empire Zone Program. All incentive programs delivered by government are
aimed at helping companies retain jobs by enhancing their operating
effectiveness, or to create new jobs through business growth and expansion.
Business incentives may provide financial assistance for:
- Acquisition of land and buildings or machinery and equipment
- Construction or renovation of buildings to house business operations, including lease-hold improvements
- Construction or improvement of infrastructure required for new location or expansion
- Working Capital
- Employee training
- Expanding your company's export opportunities
- Productivity enhancement
The types of incentives generally fall into one of four categories:
- Grants
- Loans
- Tax Incentives
- Special Incentives
The availability of each type of incentive is dependent upon the eligibility of the project and the costs associated with it.
Grants
Matching grants are generally available to offset some of the costs incurred in an eligible business project. The types of grants that are available include:
- Capital Grants
- Relocation Grants
- Job Training Grants
- Interest Subsidy Grants
Loans
Low-interest loans are available to support equipment purchases, building and facility improvement or expansion projects, and working capital needs. Eligibility criteria and the maximum loan amount will vary among the loan programs that are available.
Tax Incentives
- Investment Tax Credit: Manufacturing and finance businesses that make new investments in production property and equipment and new jobs may qualify for tax credits of up to 10% of their eligible investment.
- Research and Development Tax Credit: Investments in research and development facilities are eligible for a 9% credit against corporate tax.
- Wage Tax Credit
- Employment Incentives Credit
- Zone Capital Credit
- Tax Reduction Credit
- Real Property Tax Abatement: Granted through Industrial Development Agencies or towns.
- Sales Tax Exemption: New York State offers exemptions for purchases of production machinery and equipment, research and development property, and fuels/utilities used in manufacturing and R&D. Other exemptions are available through Empire Zones and through IDA's.
Special Incentives
Other incentives, such as sales tax refunds and rebates, are available to address specific needs and situations.
The following links contain additional information on business incentives: