Based upon the type and number of new jobs to be created, the total capital investment for a project, and a review of the company’s financial statements, the Nitro County Development Authority can offer companies that establish new facilities the following types of incentives.
Sales Tax Exemption Savings:
Tax-exempt status can be deployed to help developers and companies control costs of constructing a new building through a sales tax exemption. For a sizeable project, this financing structure can reduce construction costs dramatically.
Payment in Lieu of Taxes (PILOT)
A PILOT program provides payments to counties and other local governments to offset losses in tax revenues due to the presence of tax-exempt land in their jurisdictions.
Tax Increment Financing (TIF)
State law allows for the negotiation of a TIF incentive to redirect property taxes paid on improvements to a property or properties to be redistributed towards paying for a public infrastructure improvement made by a community or a private developer.