Without the IDA, we wouldn't have been able to build these communities .
Jan Burman
President, The Engel Burman Group
Tax Incentives
Take advantage of our tax benefits.
As a public benefit agency, the IDA has the power to pass along tax benefits to qualifying businesses that relocate or expand in the Town of Hempstead. That helps bring down project costs and frees up capital for you to invest in your business.
Available tax programs include:
- Real Property tax abatement - when approved by the IDA board, a project becomes exempt from taxes on that portion of the property which is new or expanded. The business then enters into an agreement with the IDA to make payments in lieu of taxes which can amount to a fraction of what actual taxes would be.
- Sales and use tax exemptions - an IDA project is granted an exemption from sales taxes on the purchase of construction materials, supplies, fixtures, furniture, and equipment, which can be a major savings on total project costs.
- No mortgage and recording taxes - a qualified project realizes another significant savings since it is exempt from mortgage and recording taxes.