Tax Breaks Help Lure Mid-Hudson Valley To New Branch Locale
KINGSTON, N.Y. – The Ulster County Industrial Development Agency approved a package of financial incentives last week for a new Mid-Hudson Valley FCU branch in nearby Port Ewen.
The incentives include sales and use tax exemptions and property tax relief through a payment-in-lieu-of-taxes agreement. The tax incentives are paid for out of anticipated new tax revenues generated by the project.
The 2,800-square-foot branch will create at least three new full-time jobs, as well as construction jobs. The $700 million credit union is considering preserving and using the old library building on the property.