Somerset, N.Y. (PRWEB) January 18, 2007
Merrill Bender, publisher of the Somerset Sentinel blog - http://somersetsentinel.blogspot.com - in Somerset, New York, announces the introduction of a new website - http://www.idataxcut.com. This new website helps business owners who pay Niagara County property taxes. Business owners learn how they might qualify for a property tax cut in the form of a Payment in Lieu of Taxes (PILOT).
Normally, Industrial Development Agencies (IDAs) grant tax cuts in the form of Payments in Lieu of Taxes to companies for two reasons:
1. To help a company finance the construction of new facilities that will create new jobs, or
2. To keep a company from closing, or leaving the area, taking its jobs with it.
On January 12, 2007, the Niagara County IDA granted a history-making PILOT. Henry Sloma, Chairperson of the Niagara County IDA (NCIDA), and Kevin Pierce, Vice President and Director of AES NY, LLC, signed allegedly legal paperwork that removes the profitable coal fired power plant known locally as AES Somerset from the tax rolls.
In place of paying taxes based on its assessed value, the AES Somerset power plant now pays a much lower determined fee (Payment in Lieu of Taxes) that declines for four years, and then is fixed for eight years.
This may set a new precedent for business owners in Niagara County, New York. Business owners should no longer have to promise new jobs, or be at risk of closing or leaving, to qualify for a tax cut. Therefore, blog publisher Merrill Bender has launched a new website showing businesses owners how they may be able to apply for a property tax cut. Visit IDATAXCUT for more information.
# # #