Tax & Economic Benefits
Let us show you what the Industrial Development Agencies of Long Island can offer you.
See the sample below for an IDA Pilot Program Proposal we obtained.
2014-2015 Assuming Contacts of:
Tax rate for items eligible for PILOT
Other Non-Abated Taxes
The Suffolk County IDA offers a "Boost" program for companies in information technology, life and bio sciences, green technology and energy. To qualify you must be from one of those sectors, have a project not to exceed $1,000,000, have an experienced management team and a strong funding source or revenues. The Boost program sets out to serve Suffolk's growth companies. When a company is moving from a smaller space to a larger one, purchasing new equipment, and/or making renovations, the IDA can provide benefits to make it more cost-effective.
The first Boost program applicant was Work Market Inc. of New York City. Work Market is an $11 million venture capital backed company that currently has 33 Manhattan-based employees. Work Market will hire an additional 15 employees in year one and 10 employees in year two to be based in Huntington. Work Market builds software that helps companies find, verify, engage, manage, pay and rate the variable workforce needed to run their business. The average salary for these new sales-oriented employees will be $90,000. Work Market's incentive package that was approved results in an estimated $51,250 of incentives over a five year period.
Jeff Leventhal, the Chief Executive Officer of Work Market says, "The Suffolk IDA is showing its willingness to open their arms to the start-up business community with this new program. Their aggressiveness in wanting Work Market to open in Huntington, along with the benefits they are providing, were significant factors in our decision making for our new expansion."
What others are saying about the "Boost Program"
"The Boost program will provide the launching pad for smaller innovation companies to grow and develop in Suffolk County. Landing Work Market through the new Boost program demonstrates the Suffolk IDA is aggressive about creating a pro-growth environment and securing jobs."
– Steven Bellone, Suffolk County Executive
"Supporting our growth industries and eliminating barriers to entry with programs such as this will have an immediate economic impact on Suffolk County,"
– Joanne Minieri, Suffolk County Commissioner for Economic Development and IDA board member
"It is vitally important that government create policies that will help innovation-based companies grow the Long Island economy of the future. The Boost program is a great example of that, and I'm grateful for the IDA's leadership and look forward to working with the IDA on this initiative."
– David Calone, Chairman Suffolk Planning Commission, Suffolk County Venture Capitalist and member of the Boost Program Working Group
"The Suffolk IDA's new Boost program is an innovative way to benefit our local companies, including those that will work within the Accelerate Long Island framework. This can be a model program for IDA's across Long Island. "
– Kevin Law, the President of the Long Island Association and Chairman of Accelerate Long Island
"We are delighted to see the Boost program will be available to our companies as they graduate from their initial incubator space a larger space in Suffolk County. We plan to work closely with the Suffolk IDA and our LIHTI tenants to create an ongoing awareness of the program."
– Dr. Anil Dhundale, Executive Director of the Long Island High Tech Incubator at Stony Brook University