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Empire Zones Simple Solution links to pdf document



The New York State Empire Zone (EZ) Program offers a wide array of incentives including tax credits and utility discounts in 11 New York City business districts. 

Click on each Zone to look at a map of the eligible area. 


Hunts Point, Bronx        

East Harlem                           

Port Morris, Bronx       

Rockaway, Queens          

East Brooklyn             

South Jamaica, Queens         

North Brooklyn            

West Shore, Staten Island

Southwest Brooklyn    

North Shore, Staten Island

Chinatown/Lower East Side    



QUALIFICATIONS
  • Be located in an Empire Zone and be EZ-certified prior to June 30, 2011.
  • Increase or maintain employment in the Zone and in the State in the year they are qualifying, based on a previously determined four year average employment number.

EZ INCENTIVES

Wage Tax Credit:
A $1,500 credit per employee for up to five consecutive years for hiring full-time employees in newly created jobs.  For employees in 'targeted groups', this credit equals $3,000 per year.  Credit increases $500 for wages over $40,000.

Investment Tax Credit:
A credit for the purchase of property and equipment related to production, R&D, and industrial waste treatment.  The credit is 10% under the corporate franchise tax and 8% for personal income tax.

Employment Incentive Credit:
A credit for creating new employment in a commercial/ industrial company to operate new property of equipment.  This credit equals 3% of the investment cost, and used consecutively with Investment Tax Credit (ITC), it is taken in each of the 3 years following the initial claiming of the ITC.

Tax Reduction Credit:
Based on number of jobs created, the company's assets in the Zone and income taxes owed by the company, Qualified Empire Zones Enterprises (QEZE) can receive a credit against business corporate taxes, personal income taxes, bank corporate taxes or insurance corporate taxes 10 years.

Property Tax Credit:
Qualified Empire Zones Enterprises (QEZE) that own real property may receive a credit against business corporate taxes, personal income taxes, banking corporate taxes or insurance corporate taxes.  Unused credits are refundable in the year that they were earned. The credit is available for 10 years.  The Credit is calculated based on the number of jobs created and the real property taxes paid on property in the Zone.  The company's eligibility is determined annually.

Sales Tax Exemption:
Qualified Empire Zones Enterprises may be exempt from the 4% NYS sales and uses tax on tangible personal property and services exclusive to the operation of a QEZE.  Benefit period of 10 years.

Sales Tax Refund:
Purchases of building materials to be used in connection with commercial or industrial properties located in an EZ is eligible for a refund of NYS sales taxes.

Utility Discounts:
Discount rates for Empire Zone-certified businesses are available through KeySpan Energy's Business Incentives Rate up to 25% per billing cycle, and Verizon's monthly 5% discounts per billing cycle on local phone usage.

Zone Capital Credit:
A 25% tax credit, against personal or corporate taxes a direct equity investment into a zone-certified business; or for cash donations to approved community development projects within EZ.

Statewide Zone Capital Credit Corporation Loan:
Low interest rate loan for Zone-certified businesses at 5% APR for the first 3 years and 7% for the remainder of term. Loans range from $3,000 to 300,000.


LOCAL EZ ADMINISTRATORS

East Brooklyn EZ - Local Development Corporation of East N.Y.
Contact: Bill Wilkins Tel No. (718) 385-6700
billscott44@aol.com Fax No. (718) 385-7505
Brooklyn Navy Yard /North Brooklyn EZ - East Williamsburg Valley Industrial Development
Contact: Caitlin Dourmashkin Tel No. (718) 388-7287, Ext 116
cdourmashkin@ewvidco.com Fax No. (718) 963-1905
Southwest Brooklyn EZ - Southwest Brooklyn Industrial Development Corp.
Contact: Josh Keller Tel No. (718) 965-3100, Ext 107
jkeller@sbidc.org Fax No. (718) 965-4906
East Harlem EZ - East Harlem Business Capital Corporation
Contact: Sandra Morales Deleon
smdeleon@ehbcc.org
Tel No. (212) 427-6590
ehcbcc@aol.com Fax No. (212) 427-6537
Hunts Point EZ - Hunts Point Local Development Corporation
Contact: Jeremie Sautter Tel No. (718) 842-1717
jsautter@huntspointedc.org Fax No. (718) 842-6592
Port Morris EZ - South Bronx Overall Economic Development Corp.
Contact: Stephane Hyacinthe Tel No. (718) 732-7537
shyacinthe@sobro.org Fax No. (718) 292-3115
South Jamaica EZ - Greater Jamaica Development Corporation
Contact: Justin Rogers Tel No. (718) 291-0282 Ext 141
Jrogers@gjdc.org Fax No. (718) 658-1405
Rockaway EZ - Rockaway Development & Revitalization Corporation
Contact: Janet Henriquez Tel No. (718) 327-5300
jhenriquez@rdrc.org Fax No. (718) 327-4990
Staten Island North & West Shore EZ - Staten Island Economic Development Corporation
Contact: Jay Anderson Tel No. (718) 477-1400
jay@siedc.net Fax No. (718) 477-0681
Chinatown/Lower East Side
Contact: Hally Chu Tel No. (212) 964-6022
hally@aafecdf.org Fax No. (212) 964-6033




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