Each organization offers certain financial benefits such as tax-exempt and taxable bond financing, sales and use tax exemptions, mortgage recording tax exemptions, and real property tax abatements to meet their agency objectives.
The difference between the IDA and CRC is that the CRC focuses on providing assistance to civic facility projects, which can include airport facilities, dock and wharf facilities, solid waste disposal facilities, recycling facilities, transportation-related infrastructure, and other projects eligible for qualified private activity bond financing pursuant to the Internal Revenue Code.
In order to qualify a business must spend other amounts in accordance with guidelines stipulated in the IDA and CRC policies. These programs include “Payment In Lieu of Taxes,” or PILOT programs, which in simple terms require a business to spend money in one area, in order to save money in another area.
Other incentives can give a business a break on sales taxes for the purchase of construction materials on their project or a mortgage tax exemption. Overall, these incentive programs can reduce taxes and improve YOUR bottom line, resulting in lower expansion costs for eligible companies