Unlock Business Growth in New York with Critical TAX INCENTIVES

Tom Dolan, CEO of Babylon IDA, discusses the work of the Industrial Development Agency in promoting economic growth and community development in the town of Babylon. The IDA offers financial incentives to businesses, such as tax abatements and sales tax exemptions, to attract and retain businesses in the area. Dolan highlights success stories, including the Lakeville Kitchen and Bath and The Well 1L projects, which have brought new jobs and businesses to the community. He also addresses misconceptions about the IDA's work and emphasizes the importance of housing and workforce development in economic growth.
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*The Business Breakthrough | NY* Podcast is produced by the NY Small Business Development Center (SBDC) at Farmingdale State College.
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*Chapters*

00:00 Introduction to Babylon IDA and its Services
04:18 Financial Incentives for Businesses in Babylon
08:59 Tax Abatements and Sales Tax Exemptions
16:42 Success Stories: Lakeville Kitchen and Bath, The Well 1L
22:49 Industries Eligible for Assistance and Criteria for Qualification
31:39 Importance of Housing and Workforce Development
37:17 Inspiration for the Podcast and What to Expect

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Books, materials, and other products discussed in this episode are not sponsors of this show and are not explicitly endorsed by any Small Business Development Center. They are the recommendations & experiences of the individuals on the episode. Please note that some of the links on this site are affiliate links, and at no additional cost to you, we will earn a commission if you decide to make a purchase after clicking through the link.

*Podcast Equipment*

[Real-Resilience]

Here's the real meat and potatoes for those looking to grow/expand your business: 08:59 Tax Abatements and Sales Tax Exemptions