BENEFITS:

Sales & Use Tax Exemption – This credit applies to most purchases made by an Empire Zone certified business.

Real Property Tax Credit – This is a credit for real property taxes paid based on a formula that considers job creation, wages and benefits, or investments made in the zone.

Tax Reduction Credit – This is a credit against tax equal to a percentage of income taxes attributable to the zone enterprise based on its employment growth in the zone.

Sales Tax Refund – This refund applies to any building materials or fixtures purchased for a facility located within a zone.

Investment Tax Credit – This is available to companies making an investment in the zone for depreciable property and/or equipment which is principally used in manufacturing, processing, assembly, industrial waste treatment or air pollution-control facilities, R&D or financial institutions.

Wage Tax Credit – Available to companies hiring full-time or full-time equivalent employees in the zone.

Zone Capital Tax Credit – A 25% tax credit is available for personal or corporate income tax payers for eligible investments in certified zone businesses, or contributions to approved community development projects.

Utility Rate Reduction – Utility companies (including gas, electric, and telephone services) also offer rate reductions to certified Empire Zone businesses which may offer up to ten years of discounts on increased electricity and natural gas consumption above the Base Utility Usage and is offered by some service providers including National Grid, RG&E and NYSEG.

For more information, download our brochure [0].