N Y S . E M P I R E . Z O N E S

Empire Zone Program

In addition to all of the other benefits of locating in the Harvester-Swan Centers, your business could qualify to become tax-free if it expands in, or relocates to our property in the Genesee County Empire Zone. Empire Zones (EZs) are designated areas throughout the state established to encourage economic and community development, business investment and job creation. Certified businesses located within an Empire Zone are eligible to receive significant tax credits and other benefits as follows:

Qualified Empire Zone Enterprises (QEZEs) are eligible for sales tax exemption, real property and business tax credits for businesses locating and expanding in EZs. The purpose of the Empire Zones Program is to give companies that increase employment the opportunity to operate on an almost "tax free" basis for up to 10 years in designated areas of the State, with additional savings available on a declining basis in years 11 through 15.

• QEZE Sales Tax Exemptions. Qualified Empire Zone Enterprises (QEZEs) are granted a 10 year exemption from State sales tax on purchases of goods and services (including utility services and owned vehicles) used predominantly in such zone (effective March 1, 2001).
• QEZE Credit for Real Property Taxes. Qualified Empire Zone Enterprises are allowed a refundable credit against their business tax equal to a percentage of real property taxes paid based upon increased employment in the zone (effective for taxable years beginning on or after January 1, 2001)
• QEZE Tax Reduction Credit. Qualified Empire Zone Enterprises are allowed a credit against their tax equal to a percentage of taxes attributable to the zone enterprise (effective taxable years beginning on or after January 1, 2001).

Visit the NYS Department of Taxation Web Site or the New York State Web Site for more information on Empire Zone tax incentives.

Additional Benefits

• Wage Tax Credit (WTC). This credit is available for up to five consecutive years for companies hiring full-time employees in newly created jobs. For employees in special targeted groups, this credit equals $3,000 per year, with a credit of $15,000 per year effective 1/1/2001, for all other new hires.
• EZ Investment Tax and Employment Incentives Credit (ITC-EIC). Businesses that create new jobs and make new investments in production, property and equipment may qualify for tax credits of up to 19% of the company's eligible investment.
• New Business Refund. Businesses new to New York State are entitled to a 50% cash refund of unused EZ-WTC and ITC amounts. Other businesses may carry forward unused credits indefinitely.
• Utility Rate Savings. Savings through reduced electric and gas rates may be available through investor-owned utilities in New York State. Businesses that locate or expand their operations in an EZ may receive significantly reduced rates.
• Zone Capital Credit. A 25% tax credit against personal or corporate income taxes is available for contributing or purchasing shares in a zone capital corporation; or for a direct equity investment in a certified zone business; or for contributions to approved community development projects within an E-Z.
• Technical Assistance. Each local zone office is staffed with professionals qualified to assist businesses locating or expanding in an EZ.

If your business is already located in an EZ, or is interested in locating in an EZ, then please feel free to contact us for more info.

We will be more than happy to help you navigate through the system and to introduce you to the agencies and organizations that oversee this beneficial Economic Development tool.