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New York State Empire Zone Program (EZ)
New York State designated nine New York City locations as Empire Zones (EZ), formally known as Economic Development Zones. As an Empire Zone, Hunts Point is the recipient of numerous financial incentives intended to attract new businesses and enable existing businesses to expand and create more jobs. Since 1994, more than 200 businesses in Hunts Point have taken advantage of these incentives. In 2001 alone, these businesses saved more than $2 million on their NYS taxes.
Benefits:
Businesses that relocate or expand within the Hunts Point Empire Zone (click for map) are eligible to receive the following State tax credits and incentives:
- 8%-10% Investment Tax Credits
- Wage Tax Credit of up to $3,000 per newly created job
- Corporate Tax Reduction Credit
- Real Property Tax Credit
- Sales Tax Exemption and Refund
- Utility Rate Reductions
- Special Low-Interest Loans
Eligibility:
Businesses must move to or exand within the designated Empire Zone to be eligible for benefits. Before benefits are granted, businesses must be certified by New York State. As the administrator of the Zone, the Hunts Point Economic Development Corporation educates businesses regarding the available benefits and assists business owners in accessing them by completing an application for certification.
For more information or to apply for Empire Zone certification, please call Jeremy Sautter at (718) 842-1717, extension 226.
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