THE MISSION of the IDA is to retain the present industrial tax base in Putnam County and help attract clean, environmentally sensitive manufacturing and industrial interests to the County.
The IDA has a wide range of incentives to offer qualified businesses and industrial or manufacturing concerns. Please contact the Putnam Industrial Development Agency directly for information about your particular business.
- REAL PROPERTY TAX ABATEMENTS - The IDA offers a 485-b property tax abatement for qualified projects. This incentive allows the owner of a qualified industrial or manufacturing business to have a scaled in assessment on their property taxes over a ten-year period.
- SALES TAX EXEMPTIONS - Any equipment or materials bought in conjunction with an approved project shall be exempt from the current sales tax of 8.375%.
- MORTGAGE RECORDING TAX EXEMPTION - The mortgage tax normally applicable to deed transfers will be excluded on an approved and qualified IDA project. The current amount of tax is 1.05%.
- TAX EXEMPT BONDS - For industrial or manufacturing concerns, the IDA offers financing through tax exempt Industrial Revenue Bonds. The bonds have a lower interest rate than traditional mortgage or loans.
The IDA also coordinates with county and state agencies to offer job-training and other incentives to induce companies to locate in Putnam County.
Download the Putnam County Industrial Development Agency Applications. (Available in PDF format)
The Putnam County Industrial Development Agency was formed in August 1995. Its goals are to retain the present industrial tax base and to attract appropriate new businesses.
It has the capability to offer incentives and issue tax-exempt bonds. Its members are appointed by the County Legislature.