Industrial Development Bonds

Program Description:	Industrial Development Bonds – Temporary expansion of availability of tax–exempt small–issue manufacturing IDBs to facilities creating intangible property. Expands the definition of “manufacturing facilities” to include facilities used for the production of intangible property, allowing Private Activity Bonds to be used to assist high tech manufacturing businesses, such as those engaged in software development and biologics.
Federal Agency:	Treasury Dept./IRS
Agency Website:	www.irs.gov
National Total:	Sum of State Volume Caps –– the per–State Volume Cap for calendar year 2009 is the greater of $90 multiplied by the State population or $273,270,000.
New York State Total:	Subject to existing State volume cap allocation
Entities Eligible to Apply:	IDAs and other authorized issuers

Flow of Funds:	Bonding authority will likely go directly to local IDAs, pursuant to statutory formulas
Obligation Deadline:	For bonds issued in 2009 and 2010.
Reporting Requirements:	IRS reporting requirements

State Agency:	Empire State Development/NYS Division of the Budget
State Agency Website:	www.recovery.ny.gov www.empire.state.ny.us
State Agency Technical Contact:	Christopher Walsh
Additional Information:	Use this form to request additional information.