Economic Development & Tax Incentives
DHC’s Economic Development and Tax Incentives Practice Group helps clients navigate tax incentive programs and economic development benefits from New York City and New York State economic development organizations, including New York City’s Economic Development Corporation, New York State’s Empire State Development Corporation, and Industrial Development Agencies and Local Development Corporations throughout the state. DHC has five offices located in New York City, NY, Albany, NY, Washington, D.C., White Plains, NY and Palm Beach, FL.
Our practice group has secured significant, often multi-million-dollar savings, for a diverse range of commercial and nonprofit clients including manufacturers, warehouse and transportation companies, food and beverage concerns, sports/athletics developments, multifamily housing projects, real estate developers, logistics/warehousing businesses, private schools, social service organizations and more.
What we do
- Structure and close local, state, and federal tax incentive packages
- Negotiate complex payment in lieu of tax agreements
- Counsel clients in tax-exempt bond financing transactions
- Secure New York City and New York State based grants
- Provide project analysis and negotiation services
- Conduct economic impact report reviews
- Advise on public-private partnerships and development projects
- Assist with economic development project annual reporting and compliance
- Lobby elected officials
Key Takeaways: Economic Development & Tax Incentives
DHC helps clients secure tax incentives, grants, and economic development benefits from New York City, New York State, and local development entities. The firm has achieved substantial cost savings for both commercial and nonprofit clients, often resulting in multi-million-dollar savings. DHC handles incentive structuring, PILOT negotiations, bond financing, grant opportunities, compliance matters, and development-related project support. The practice supports industries from manufacturing to housing, logistics, education, and social services. By combining legal, economic development, and government relations experience, DHC helps clients move projects forward efficiently and maximize available economic development opportunities.
Financial assistance
- Sales Tax Exemption on construction material, and eligible furniture, fixtures, and equipment
- Mortgage Recording Tax Exemption
- Payment in Lieu of Real Property Taxes or Deferral Agreement (PILOT)
- Obtention of Tax-Exempt or Taxable Bonds that provide a lower interest rate
- Employment and capital investment grant funds
- Workforce development initiatives and programs
Representative experience
- Closed multi-million-dollar tax incentive package for leading New York City manufacturing facility
- Successfully negotiated and closed $1MM New York State grant for leading New York State real estate developer
- Secured over $30,000,000 of financing and grants for a New York based County
- Represented a major distributor of trucks in connection with the acquisitions and financing of multiple locations throughout the Greater Metropolitan Area
- Negotiated complex, multi-party, economic development incentive agreement for leading social services nonprofit organization
- Represented a series of NYC Private Schools and Universities in their tax-exempt financing of its acquisition and expansion of its physical campus
- Secured the extension of a lease, with the City of New York for a major food retailers distribution facility
- Represented a major Trade Association in connection with benefit packages for both its headquarters and Trade school
- Structured and Closed 30-year property tax exemption for complex Transit Oriented Development housing community on Long Island
- Secured Multi-Million-dollar tax exemption package from New York State and Town of Babylon for an international biomedical testing company
- Created innovative, first in New York, tax incentive program to assist small and mid-size businesses
- Spearheaded Nassau County’s Superstorm Sandy Economic Recovery Taskforce and delivered direct financial relief to over 2500 small businesses
Key Takeaways: Financial Assistance & Representative Experience
DHC helps clients secure tax incentives, grants, bond financing, and other economic development benefits through New York City, New York State, and local entities. The firm has achieved substantial savings and funding for commercial and nonprofit clients, often with multi-million-dollar results. DHC advises on PILOT agreements, incentive structuring, grant opportunities, compliance, and project support. With legal, economic development, and government relations experience, DHC helps clients reduce costs and move projects forward efficiently.
Frequently Asked Questions (FAQs)About Economic Development & Tax Incentives
What economic development incentives are available in New York?
New York City and New York State offer a range of economic development incentives to support business growth, investment, and job creation. These may include sales tax exemptions, mortgage recording tax exemptions, tax-exempt or taxable bond financing, grants, workforce development programs, and Payment in Lieu of Taxes (PILOT) agreements.
What is a PILOT agreement in economic development?
A PILOT agreement, or Payment in Lieu of Taxes agreement, is an arrangement that can reduce or restructure a project’s real property tax obligations for a period of time. These agreements are often used in economic development projects to help lower costs and support investment, expansion, or redevelopment.
How can tax-exempt bonds support development projects?
Tax-exempt bonds can help reduce borrowing costs for eligible development projects by providing access to lower-interest financing. This type of financing may support acquisitions, construction, expansions, equipment purchases, and other capital improvements for qualified projects.
How can a law firm help secure economic development incentives?
A law firm can help identify available incentives, structure projects to qualify, negotiate with agencies and development authorities, prepare applications, and assist with compliance requirements. DHC helps clients maximize available benefits and move projects forward efficiently.
What types of businesses and organizations can benefit from economic development incentives?
Economic development incentives may be available to a wide range of businesses and nonprofit organizations, including manufacturers, logistics and transportation companies, real estate developers, housing projects, food and beverage businesses, educational institutions, and social service organizations. DHC helps clients evaluate eligibility and pursue the programs best suited to their projects.
