Standard benefits for manufacturers in New York State
by Olivia Hill, Sr. Business Development Specialist, Invest Buffalo Niagara
New York State has created standard benefits to incentivize manufacturing companies for locating there
PHOTO: Invest Buffalo Niagara
—Sponsored content provided by Invest Buffalo Niagara
Wouldn’t it be nice to lower your cost of doing business? Wouldn’t it be even nicer if you didn’t have to do anything special to get these costs lowered?
New York State has created standard benefits to make it lucrative for manufacturing companies locating here. These standard benefits are just that – no applications necessary. We refer to these benefits as “as-of-right” incentives. New York State has built these benefits right into the tax law to lower barriers for manufacturers to invest and create jobs in the state. These lucrative incentives include:
- No state corporate income tax for manufacturing companies*
- No inventory/real personal property tax
- No sales tax on production or R&D equipment
You read that right. Qualified manufacturers in New York State would have a 0% state corporate income tax rate. And there is no end date for these benefits. Unless the law in the state changes, these as-of-right incentives never expire for qualified companies.
These tax benefits are great for businesses looking to expand and grow in New York, but it doesn’t stop there. There are additional benefits available for qualifying companies at both the state and local level. While these benefits are discretionary and require an application, they are a great way to mitigate operating costs. And, I can help you understand which ones to apply for and walk you through the processes. You can schedule a call with me at your convenience.
The Buffalo Niagara Business Incentives Guide is a great resource for information on the many programs available in Western New York.
Helpful Tip: What ‘Incentives’ mean
A business incentive is cash or near-cash assistance provided on a discretionary basis to business operations, usually coordinated by a state or local government/pseudo-government agency. These incentives can include things like tax credits, tax exemptions, discounted utility rates, ect. These incentives are meant to reduce a company’s cost of doing business and increase their long-term success. Typically, these incentives have an application process.
*To receive these as-of-right benefits, a company must be a qualified manufacturer and new to New York State.
Learn more about Buffalo Niagara business incentive programs.
Watch our recent incentives webinar
