Connecting you to grants and tax incentives to support your business growth in the Greater Rochester, NY region.
Hit the Ground Running in the Greater Rochester, NY Region
New York State, each of the nine counties in our region (Genesee, Livingston, Monroe, Ontario, Orleans, Seneca, Wayne, Wyoming, and Yates), and the City of Rochester, offer incentives to encourage business investments that drive economic growth and job creation. These incentives include tax exemptions, tax credits, special incentives, grants, and loans.
The incentives provided by economic development agencies are based on total capital investment, and job retention and/or creation by a company over 3 to 5 years. Programs are available individually or bundled as part of a comprehensive package for larger capital investments that retain or create jobs as well as projects that create many high paying jobs.
Photo by M.Giambra
How to Qualify For Business Incentives in the Greater Rochester, NY Region
Incentives may apply to companies:
- Acquiring land, buildings or machinery and equipment
- Constructing or renovating buildings for business operations, including leasehold improvements
- Constructing or improving infrastructure required for new location or expansion
- Training new or existing employees
Business Incentive Availability
The availability of each type of incentive is dependent upon the unique details of the project and the costs associated with it. Here are a few examples:
- Excelsior Jobs Tax Credit (refundable credit of 6.85 percent of wages per new job)
- Excelsior Investment Tax Credit (2% for qualified investments)
- Excelsior Research and Development Tax Credit (50% of the Federal Research and Development credit up to 3% of research expenditures in New York State)
- Excelsior Real Property Tax Credit (available in certain areas and targeted industries)
- Real Property Tax Exemption on improvements to the property over 10 or more years
- Personal Property, whether Tangible or Intangible, is Exempt from Ad Valorem Taxation
- Employee Training Incentive Program (tax credit of 50% on eligible training costs up to $10,000 per employee)
- Life Sciences Tax Credit Program (refundable tax credit of 15% for R&D in New York State)
- $30 Million New York State Photonics Attraction Fund
- No Corporate Income Tax for Qualified Manufacturers
- No Personal Property Tax in New York State
- Utility Infrastructure and Energy Efficiency support
- Low-Cost Power Allocations
- Sales and Mortgage Tax Abatements
- Low-Interest Loans and Interest Subsidies
- Opportunity Zone Investment Tax Benefits
- Foreign Trade Zone
- Recruitment Assistance and Training Grants
Learn More About How Your Business Can Benefit From Incentives
Easily Expand into International Markets
The Greater Rochester, NY region is strategically located in the Finger Lakes Region of Western NY on route I-90, with close proximity to major Northeast trading centers such as Boston, New York City, Philadelphia, Toronto, and Washington, DC.
As a mid-sized city, we have an average clearance time of 2 hours. This provides local companies with significant time and money savings when compared with New York City’s clearance time of up to 72 hours. In addition, our entry fees are much lower than major East Coast ports, such as New York City or Boston.
The Benefits of a Foreign Trade Zone
Within the Rochester region, businesses located in Monroe County, Genesee County, Ontario County, Wayne County, Yates County, Seneca County, and Livingston County can utilize foreign trade zones (FTZs) to better manage their global supply chain costs.
- Elimination of duties on items exported directly from FTZ
- Elimination of duty drawback
- Reduction of duties/tariff inversion – allowing for the payment of duties on final products versus raw materials components
- Quota handling
- Reduction of weekly entry
- Duty deferral – duty only assessed when entered into commerce
- Less initial cash outlay
- Partial draw allowing you to use only what you need
- No time limit on merchandise to be stored in the FTZ
Try this Duty Savings Estimator Worksheet for FTZ Production to see if a Foreign Trade Zone can save your company money.
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Thank You To Our Investors
We keep and maintain and are investing specifically in Rochester because that is where the talent is. We don’t succeed without the right talent.
Vice President and General Manager, Corning Advanced Optics
Rochester has the manufacturing capability, testing capability, and intellectual horsepower.
Past Chairman, NY BEST
Rochester is home to some of the finest optics companies in the nation, almost all of which OptiPro does business with.
We have inherited an exceptional quality of life thanks to an impressive cluster of cultural organizations, unparalleled natural resources, and a resilient and welcoming spirit of community.
President, Rochester Insititute of Technology
Once people get here and their families get used to short commute times, low home prices, the fact we have all kinds of recreational sporting activities, the quality of schools, they don’t want to leave.
CEO and Chairman, Sweetwater Energy
Rochester has provided ID Signsystems with the ability to grow and develop by tapping into the region’s large pool of design-focused talent, technicians, engineers and sign makers.
President, ID Signsystems
Our network of local universities, colleges, and optics companies has created a workforce pipeline that is unmatched anywhere in the United States.
GRE’s direction and guidance proved to be well worth our investment. Their passion to make the business environment in the Rochester area greater is very apparent.
There is unlimited, untapped technical talent in the area and I hope we start a wave of other companies moving to Rochester.
Rochester has a long history of being a hub for telecommunications. There is a rich ecosystem of talent and services to support business growth.
Founder and CEO, Wire3
Rochester is the perfect size city to get business done. I’m always one connection away from anything I’m looking for.
President, Kink BMX
The work we’ve done and the momentum we’ve generated as a business has been possible in large part because of the talent, knowledge and industriousness of our people in Rochester, NY.
CEO, Brand Networks
We have access to talent graduating from our businesses and technical institutions capable of perpetuating our success for years to come.
President & CEO, Simcona Electronics
The Rochester region provided convenient access to both railroads and major highways, as well as proximity to Barilla’s customer base in the Northeast.
Vice President of Supply Chain, Barilla America
Rochester has an excellent pool of qualified professionals with the right work ethic.
Health Services President and General Manager, Maximus
Rochester has the resources optics companies need to transform their concepts into reality.
Dr. Duncan T. Moore
Vice Provost for Entrepreneurship and Professor of Optical Engineering
Rochester has a great base of intellectual capital in the science and technology fields at local businesses and universities.
Daniel J. Burns
Regional President, M&T Bank Corporation
We’ve developed vaccines to prevent cervical cancer right here in Rochester.
Vice President and COO, University of Rochester Medical Center
Among many great options, none could match Rochester in terms of talent, local supplier networks, and opportunities to partner with top-tier research institutions.
CEO, Plug Power