East / Regional Reports

New York’s Empire Zones Provide Businesses Substantial Tax Breaks

November 21, 2001
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ALBANY, NY — New York State is offering businesses significant tax credits and benefits if they expand or relocate in one of 56 Empire Zones.

These Empire Zones, or economic development zones, are designated areas throughout the state that provide special incentives to encourage business development, investment, and job creation. Certified businesses located within a zone are eligible to receive tax reduction credits, credit for real property taxes, and sales tax exemptions.

Additional benefits include a wage tax credit, investment tax and employment incentives credit, and possible utility rate savings.

An Empire Zone map and a list of zone coordinators are available from the state. For more information, contact 800-782-8369; www.nylovesbiz.com (website).

Publication date: 11/26/2001

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