Financial Services
TCAD Revolving Loan Fund
The primary objective of TCAD's RLF is to create quality employment opportunities and strengthen the tax base by helping entrepreneurs start new businesses or by helping existing businesses expand. Like with most TCAD programs, businesses that sell a product or service to customers outside of Tompkins County are the target of the program. Conversely, the program avoids delivering incentives to businesses that compete with other existing businesses in the County, e.g., retail and commercial businesses.
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Tourism Capital Grants
TCAD manages a program supporting capital projects to improve and expand local attractions. Recent grant activity has supported visitor-generating projects such as theaters, museums, and recreational trails. Funding is also available to conduct feasibility studies for potential projects. Working with the Chamber of Commerce and the Strategic Tourism Planning Board, we work to ensure a coordinated approach to drawing visitors to destinations in Tompkins County.
Tourism Capital Grant Application Guide
For more information contact TCAD.
Tax Credits
Qualified Emerging Industry Tax Credit (QETC)
In 2005, New York State created a new tax credit for certain qualified emerging technology companies (QETCs). To qualify, a QETC must have:
- Fewer than 101 employees, 75% of which are employed in New York State
- They must also have a ration of research and development funds to net sales which equals or exceeds six percent
- Finally, gross revenues may not exceed $20 million for the tax year immediately preceding the year in which the taxpayer is claiming the credit.
The credit is capped at $250,000 per taxpayer per year and is refundable. No credit is allowed for taxable years beginning on or after January 1, 2012.
The credit consists of three components:
- Research and Development Property - Research and development property is eligible for an 18-percent credit rate. Qualified property is the same as that eligible for the investment tax credit, although the base is expanded to specifically include property used for testing or inspection, or costs associated with quality control, research, development, fees for use of facilities or processes for such activities, or production or distribution of materials and products resulting from the research.
- Research Expenses - Qualified research expenses are eligible for a 9 percent credit rate. Qualified expenses include expenses associated with in-house research and processes, and costs associated with the dissemination of research and development results and the patent proces..
- High Technology Training Expenditures - A taxpayer may take a credit equal to qualified training expenses, up to $4,000 per employee per year. Training includes courses related to the activities of the QETC completed at a post-secondary college or university located in New York State. Training expenses include such items as costs of tuition and fees, software and textbooks.
- Example:
$1,000,000 new R&D equipment X 18% R&D credit = $180,000 credit
$500,000 research expsnese X 9% research credit = $45,000 credit
5 trained employees X $4,000 training credit = $20,000 credit
Venture Capital
TCAD can connect you with sources of investment capital to assist the growth and development of your firm. Several local and regional funds are committed to enhancing economic development in upstate New York by investing in the success of its entrepreneurs.
Due to its intellectual capital and skilled workforce, Tompkins County is a natural magnet for early-stage private investment in technology-based firms showing good growth potential. Targeted, strategic seed funding can provide leverage to secure complete financing.
Southern Tier East Economic Development (STEED) Revolving Loan Fund
Subordinated direct lending to manufacturers or industrial related firms for fixed assets, targeted to small- and medium-size businesses throughout eastern Southern Tier of New York State.
Features:
- 40% of project up to $200,000
- Interest rate = 75% of prime
- Real estate & equipment loans on terms to match conventional lenders
- Loan subordinated to conventional lenders
- 1 new job for every $15,000 in loan proceeds
- Application fee of $250
- No annual service fees
- Application to loan closing = 60 days
The purpose of the New York State Empire Zones Program is to give companies that increase employment access to substantial State tax credits and other incentives. Qualified Empire Zone Enterprises (QEZEs) are eligible for sales tax exemption, and real property and business tax credits for businesses locating and expanding in an Empire Zone. The Tompkins County Empire Zone (TCEZ) is primarily focused on the growth of advanced technology and manufacturing firms. It also provides benefits to revitalize commercial districts. Benefits are available to businesses based on employment growth.
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Empire State Development
http://www.nysedc.org
TCAD manages a program supporting capital projects to improve and expand local attractions. Recent grant activity has supported visitor-generating projects such as theaters, museums, and recreational trails. Funding is also available to conduct feasibility studies for potential projects. Working with the Chamber of Commerce and the Strategic Tourism Planning Board, we work to ensure a coordinated approach to drawing visitors to destinations in Tompkins County.
Tourism Capital Grant Application Guide
For more information contact TCAD.
