Town of Lockport IDA Tax Incentive Programs
The Town of Lockport Industrial Development Agency (IDA) considers it our core mission and function to assist businesses looking at the Town of Lockport as the community to start, expand or relocate your business to. Through working with your team and our partners in understanding your needs and the economic impact your project will have, we can package an incentive program designed to fit any scenario.
Property Tax Incentives
- PILOTS
The Town of Lockport IDA, in granting Payments-in-Lieu of Taxes (PILOTS), facilitates reductions in property taxes paid to Niagara County and the local school district. The Town of Lockport has no Town tax! For specific details on all our financial incentives please review our Uniform Tax Exemption Policy (UTEP) located under the resources tab.For Manufacturing projects our PILOT terms are typically 15 years (See Table below).
For Commercial projects our PILOT terms are typically 10 years. We do have the ability to modify PILOT terms based on project particulars when warranted. - 485 B Program
The NYS Real Property Tax Law, through section 485B, allows Business Investment Exemptions for businesses that complete more than $10,000 in new construction or improvements. Under the program a business may qualify for a partial reduction in assessment of up to 50% of the increase in assessed value resulting from the new construction or improvement. The abatement is for 10 years (See Table below) with declining percentages of reductions. This program applies to Niagara County Taxes only.
Year |
Manufacturing |
Commercial |
NYS 485b |
| 1 | 80% | 80% | 50% |
| 2 | 80% | 75% | 45% |
| 3 | 70% | 70% | 40% |
| 4 | 70% | 65% | 35% |
| 5 | 60% | 60% | 30% |
| 6 | 60% | 55% | 25% |
| 7 | 60% | 50% | 20% |
| 8 | 60% | 45% | 15% |
| 9 | 60% | 40% | 10% |
| 10 | 50% | 35% | 5% |
| 11 | 50% | 0% | 0% |
| 12 | 50% | ||
| 13 | 50% | ||
| 14 | 50% | ||
| 15 | 50% | ||
| 16 | 0% |
Sales Tax Incentives
Personal property that is purchased in connection with a qualified project shall be exempt from local and State sales and use taxes. The Town of Lockport IDA sets both a cap on the total value of the sales tax exemptions and the period of time in which the exemption may be used. Examples of purchases that qualify for the sales tax exemption include building materials, fixtures and equipment.
Energy Incentives
The Town of Lockport IDA partners with the Niagara County Center for Economic Development for both the Empower program and the PACE program. If your firm is planning an expansion and/or creating new electric demand that will result in the retention and/or creation of jobs you may be eligible for the Empower program and our offices will explain the program and make the connection with Niagara County. If your business is considering a project that improves energy efficiency or involves renewable energy you may qualify for competitive financing through the PACE program.
Workforce Incentives
The Town of Lockport IDA recognizes one of the key components to your business’s success is your workforce. Having quality, skilled, work-ready staff is a must. Studies have shown that when talent is considering relocation, important factors int heir decision making are: cost of living, housing cost, housing availability, quality healthcare, friendly local population, climate, outdoor recreation, and a diverse population – The Town of Lockport scores strongly in all these factors! To assist businesses, we regularly partner with Niagara County’s Employment and Training Center known as WorkSourceOne.
WorkSourceOne has all of the services you need for workforce development and training. WorkSourceOne provides a number of recruitment tools and training resources. WorkSourceOne conducts weekly recruitment events where you can meet with up to 30 interested candidates to discuss your company’s job opportunities. You can even do pre-screening interviews.
WorkSourceOne can also provide training assistance including:
- On-The-Job-Training funds to reimburse 50-90% of your costs for training a qualified new hire to shorten any learning curve or skills deficits.
- Customized Training funds to assist in re-training existing workers on a new equipment, computer software etc. Up to 50% of your total training costs can be reimbursed.
New York State Incentives
New York State offers a variety of incentive programs to assist with business development including startup, expansion, relocation, and related initiatives. The Town of Lockport IDA regularly partners with Empire State Development (ESD) and its Western Region staff. Programs include the Excelsior Tax Credit Program which gives refundable tax credits to new and existing companies in New York State, based on job creation, capital investment and investment in R and D.
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