Job creation is our top priority in Monroe County. COMIDA understands that companies that are looking to start a business or to expand their current business means jobs for the individuals who live here.
Doing business today is very competitive. Real property taxes can be overwhelming to a company that wants to relocate or expand. COMIDA offers incentives programs that can level the field for companies looking to do business in Monroe County and help existing organizations grow!
PILOT (Payment In Lieu Of Tax) incentive programs are agreements between COMIDA and a qualified company to make tax payments at a reduced rate over time. One PILOT program COMIDA offers is the JobsPlus program. This is a tax incentive program which abates property taxes on a sliding scale, typically over a ten year period.
Here’s an example scenario: A growing business located in Monroe County has decided the time has come to expand operations. To do this, they are going to build a 50,000 sq. ft. building on their existing property to store additional inventory. The company will need to hire additional employees to work in this warehouse.
Q: Would this project qualify for JobsPlus?
A: It could! JobsPlus requires that the increase in jobs is a least 10%. The company has to show that they are able to create these jobs within three years of the project’s completion.
Q: Would the new building be built by local labor?
A: Absolutely! Local labor is required for all COMIDA PILOT projects and this local labor requirement is monitored to ensure that it being met.
Q: If JobsPlus is approved for this project, will the company receive a tax abatement on their entire piece of property?
A: No! The property tax abatements will only apply to the 50,000 sq. ft. building expansion. The land and any previously existing structures would continue to be taxed in full. The abatement would only apply to the new improvement.
Q: How do you know if the jobs are really being added?
A: COMIDA closely monitors each project and requires annual reporting of new jobs created. If the company does not submit their annual report or fails to create the required number of jobs within three years, the PILOT can be terminated.
Q: Does a tax abatement mean they pay no taxes for 10 years?
A: No! Taxes are paid on a scheduled scale. Typically, in year one, the business pays 10% of tax on the improvement. In year two, they pay 20%. By year 10, they are paying full taxes on the improvement.
Q: How can I learn more about JobsPlus and other PILOT programs?
A: Visit the PILOT program page to learn more.