Office of Economic Development

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  • Industrial Commercial Incentive Plan

  • Economic Development Creates Jobs

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Islip is Business Friendly

The Town of Islip is widely recognized as an innovative, professionally run and business friendly town. Islip has received the Frank C. Moore Award for being the best run town in New York State. Islip's innovative, affordable housing programs have been recognized by New York State and the Federal government. A KPMG / Peat / Marwick / Hofstra University independent research study found Islip to be the most efficient business friendly town on Long Island.

The Town of Islip is also well known to the major financial institutions such as Moody's, Standard and Poor's and Fitch, for its “sound and prudent management practices.” Moody's recently upgraded the Town's bond rating citing it's “substantial financial flexibility, conservative budgeting and steadily growing revenue base.”

IDA Benefits

IDA's provide four basic benefits to a qualified project: low cost financing, an abatement of real property taxes, and exemptions form both the mortgage recording tax and sales tax attributable to the construction and equipping of the IDA project.

IDA's can be used as a financing mechanism by allowing the applicant access to the industrial revenue bond market, which can often translate in to lower rates and more favorable terms than conventional financing. Or applicants can choose traditional financing, but still receive a property tax abatement, as well as substantial savings by avoiding the mortgage recording tax and sales tax on any item that is used to construct, equip and furnish the facility. All Industrial Revenue Bond projects also enjoy these tax savings.