(Hauppauge, NY-June 28, 2012) Today, the Suffolk County Industrial Development Agency (IDA) adopted enhanced Uniform Tax Exempt Policy (UTEP) guidelines. This enhanced policy will assist Suffolk County in keeping and creating jobs on Long Island. The real property tax relief provided for under UTEP assists commercial and industrial projects that are looking to begin operations in Suffolk County, relocate their business to Suffolk County or upgrade facilities.
“This policy is an important new tool to create and retain jobs in Suffolk County,” said County Executive Bellone. “I applaud the IDA for trying new ideas to grow Suffolk County’s economy.”
“The property tax reductions, sales tax exemptions, and other new benefits UTEP provides will go a long way toward helping significant projects move forward in Suffolk County,” said IDA Executive Director Anthony Manetta.
Eligibility for UTEP benefits is evaluated on a case by case basis, however, priority consideration is given to:
• Projects that are significantly/and or strategically important to the economic wellbeing of Suffolk County and the Long Island region
• Projects that provide workforce/affordable housing
• Projects that locate within the boundaries of former State designated Empire Zones
• Regionally Significant Projects under the former State Empire Zone criteria
• Previously approved projects that propose to significantly increase the level of investment in the project and or level of employment
• County or municipally owned property that is sold or leased to a private developer/company
• Projects that create or retain more than 500 jobs
The new benefits afforded to selected projects may include: property tax reductions up to 20 years depending on the how many jobs to be created or retained, freezing the real property tax base for projects involving existing facilities, provide fixed yearly real property tax payments up to 30 years on a per unit basis for affordable and workforce housing projects, sales tax exemptions on materials and equipment used during the initial construction or renovation phase, and exemption from Mortgage Recoding Tax.