Tax Incentives

Herkimer County has consistently ranked among the counties with the lowest per-capita local taxes in New York State. There are no local income taxes, or local or state taxes on personal property or inventory. The combined state and local sales tax is 8.25%.

HCIDA Tax Incentives

In certain instances, the HCIDA can assist a company by holding nominal title to property through its Straight Lease Program. This offers the company exemption from:

  • Sales and Mortgage Recording Taxes
  • Reduced Real Property Taxes through a PILOT (Payment in Lieu of Taxes) arrangement

NYS Excelsior Jobs Program

Firms in the Excelsior Jobs Program may qualify for four new, fully refundable tax credits. Businesses claim the credits over a five year period. To earn any of the following credits firms must first meet and maintain the established job and investment thresholds outlined in Program Eligibility.

The Excelsior Jobs Tax Credit: A credit of between $2,500 and $5,000 per new job to cover a portion of the associated payroll cost.
The Excelsior Investment Tax Credit: Valued at two percent of qualified investments
The Excelsior Research and Development Tax Credit: A ten percent credit for new investments based on the Federal Research and Development credit.
The Excelsior Real Property Tax Credit: Available to firms locating in certain distressed areas and to firms in targeted industries that meet higher employment and investment thresholds.

Click here for additional details.

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