The Allegany County Office of Development offers a variety of services and programs to assist business development in the county.

http://www.alleganyco.com/default.asp?show=btn_development

ALLEGANY COUNTY INDUSTRIAL DEVELOPMENT AGENCY:

Once a project is determined eligible, you can apply for tax abatement programs administered by the Allegany County IDA.  Eligible companies frequently use installment sales and lease transactions to (1) purchase and improve land, (2) construct new facilities, (3) acquire, renovate and expand existing buildings, and (4) acquire and install new machinery/equipment.  The benefits of entering into these transactions include:

• Sales Tax Exemption – approved projects assisted through the Allegany County IDA are exempt from payment of sales tax.  Thus, construction materials, equipment and fixtures purchased through the agency in connection with an approved project will not be subject to state and county sales tax.

• Mortgage Recording Tax Exemption – The New York State Mortgage Recording Tax for commercial property is one percent (1% of the principal amount of the bond/mortgage).  Approved projects assisted through the Allegany County IDA are exempt from payment of mortgage recording tax.

• Industrial Revenue Bonds – The Allegany County IDA has statutory authority to issue industrial revenue bonds (IRB).  Financial institutions such as banks, pension funds, and insurance companies may purchase the bonds issued by the ACIDA. The interest rates and other term/conditions of the transaction are all established by the purchasing institution and are backed by the credit of the borrower, not the ACIDA.

There are two types of IRBs:

1.   Tax-Exempt IRBs – These bonds are exempt from federal income tax.  Tax-exempt bonds can only be issued for manufacturing facilities and facilities operated by not-for-profit organizations.

2.   Taxable IRBs - Although not exempt from federal income tax, these bonds are exempt from state and local taxation

http://acida.org/incentives.htm