Nassau County Executive Edward P. Mangano announced today that the Nassau County Industrial Development Agency (NCIDA) has a new financial program to keep the gas pumps open when the power is off. The proposed measure has the support of the Nassau County Economic Recovery Task Force.
County Executive Mangano stated, “Residents should never again have to endure long gas lines due to power failure. That’s why I asked the Nassau County IDA to develop economic incentives that will encourage the gas station owners to keep their facilities open and operating in the event of utility power outages.”
The NCIDA will provide a sales and use tax exemption and other incentives to owners of retail gasoline stations who install backup generators or other alternatives that would allow them to continue to pump fuel in the event of a power outage. Tax relief would be retroactive to Nov. 1, 2012 and continue through to Dec. 21, 2013.
Gas station owners who install backup power equipment will be exempt from sales taxes on the purchase and installation of the equipment. Station owners also would receive a PILOT agreement in an amount equal to the cost of the purchase and installation of the “back-up” equipment spread over a 10-year period.
Station owners who obtain the tax breaks would be required to annually certify that the backup equipment is in place and operable. The tax breaks will be recaptured in the event of price gouging, the failure to install or maintain the equipment or if the source of payment for the equipment is from a third party entity.
Richard J. Daley, chairman of the Nassau County Economic Recovery Task Force, said, “This proposal will ensure that gas stations and the county’s economy keep pumping when electrical power is disrupted for extended periods as it did following Hurricane Sandy.”
About the Nassau County IDA
The Nassau County Industrial Development Agency consists of a team of professionals whose mission is to promote the economic welfare and prosperity of Nassau County. It is a resource for businesses in Nassau County and those considering relocation. The IDA provides assistance to businesses interested in relocating, expanding and financing new investments. It has provided assistance to a wide range of companies, from Arizona Iced Tea and Sleepy’s Mattress to Cold Spring Harbor Labs and Grumman Studios. For more information, please visitwww.nassauida.orgor call (516) 571-1945.