Plainview-based NeuLion Inc., a provider of on-demand video streaming services, was approved for tax breaks by the Suffolk County Industrial Development Agency for a $14.8 million relocation from Nassau County to Suffolk.

The company, which houses the equivalent of 142 full-time employees at its headquarters at 1600 Old Country Rd. in Plainview, plans to relocate to a larger office at 576 Broad Hollow Rd. in Melville. NeuLion bought the Melville facility, currently leased by insurance provider New York Life, in October for $7.3 million.

NeuLion, which has about 600 employees worldwide and is publicly traded on the Toronto Stock Exchange, plans to invest more than $4.5 million in renovations at the site, including the purchase of rooftop satellite dishes and computers and other office equipment.

In its application to the Suffolk County IDA, the company said the requested assistance is “reasonably necessary to ensure the renovation of the building for the relocation” and to retain its employees.

“With public companies, they have more options available to them to relocate,” Anthony Catapano, executive director of the IDA said Thursday. “These types of jobs are desirable for any community.”

The IDA preliminarily approved the company for a sales tax exemption of up to $465,750 on the purchase of new equipment for the project, a $124,320 mortgage recording tax exemption, and a 10-year deal on property taxes that starts at a 50 percent reduction the first year, and decreases the discount by 5 percent per year for the remaining period.

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The company plans to add 40 jobs over two years. The average salary for NeuLion’s current employees is $77,464, according to IDA documents.

NeuLion co-founder Nancy Li and husband Charles Wang, co-founder of CA Technologies, own about 28 percent of the company’s shares, according to a proxy statement filed a year ago. Li serves as executive chair and Wang is a director.