The Nassau County Industrial Development Agency (NCIDA) helps businesses relocate to, expand in, or stay in Nassau County by lowering the cost of capital projects. It works with industries including food and beverage, life sciences, technology, media and entertainment, health, and professional services.
Under New York State law, the NCIDA’s three main incentives are Payment-in-Lieu-of-Taxes (PILOT) agreements on property taxes, full or partial sales and use tax exemptions on construction materials and equipment, and partial mortgage recording tax exemptions. It also connects companies with partners for loans, tax credits, workforce training, and business advising.
The NCIDA is a strong fit for companies planning a significant project in Nassau, such as buying or building a facility, a major expansion, or a relocation from outside the county.
IDA assistance isn’t for everyday small business needs. The NCIDA says it tends to work with projects costing $1 million or more, since agency fees make smaller projects less worthwhile. Benefits come with job and investment commitments, public hearings, and the possibility of paying benefits back if commitments aren’t met. Glen Cove and the Town of Hempstead also have their own IDAs.
For Nassau businesses weighing a major real estate or expansion decision, a conversation with the NCIDA early on can change the math.