NIAGARA, N.Y. (WIVB) — The Niagara County Industry Development Agency voted ‘yes’ to the proposed tax breaks in relation to the construction of the Amazon facility in the Town of Niagara.
According to the Niagara County IDA, for every $1 in tax incentives provided to Amazon, the local community will receive $11 in benefits, as the approximately $124 million tax incentives will reportedly generate about $1.3 billion in benefits to the local community.
The proposed IDA incentives include the following:
New York State and local Sales and Use tax exemption. This will abate the sales tax on construction materials, furniture fixtures and equipment during the construction phase of the project.Abatement of the New York State Mortgage Recording Tax. This New York State fee is ¾ of 1% of the mortgage filed with the Niagara County.A partial real property tax abatement. The company will pay a set percentage of the property taxes that would normally be due for a period of 15 years. This is known as a Payment-in-Lieu-of-Tax agreement or “PILOT” agreement.
With the approval of Niagara County and the Town of Niagara, the project’s future is now in the hands of Amazon.