QEZE Sales Tax Exemptions: This benefit provides an exemption from the New York State sales tax on goods and services sold to a qualified zone business. Local governments have the option to participate and may opt to do so on an annual basis. A company must register with the New York State Department of Taxation and Finance and be issued an exemption certificate. The certificate is valid for ten years as long as the business meets or exceeds its base period employment number.

QEZE Credit for Real Property Taxes: This credit is applied against business corporate taxes, personal income taxes, banking corporation taxes, or insurance corporation taxes. The credit is computed by formula based on the numbers of jobs created and the real property taxes paid on property in the zone. This credit is available for a 15-year period – 10 years at 100%, decreasing 20% each year thereafter.

QEZE Tax Reduction Credit: This credit is applied against business corporate taxes, personal income taxes, banking corporation taxes, or insurance corporation taxes. The credit is computed by formula based on the numbers of jobs created, the company’s assets in the Zone and in the state, and the income taxes owed by the company. This credit is available for a 15-year period – 10 years at 100%, decreasing 20% each year thereafter. Visit the website of the New York State Tax Department for more information on Empire Zone tax incentives.

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 $1,500 per year effective January 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.

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 Empire Zone.

Qualified Empire Zone Enterprises (QEZEs) are eligible for sales tax exemption, real property and business tax credits for businesses locating and expanding in such Zones. The purpose of the Empire Zones Program is to give companies increasing their 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. To qualify for Empire Zone credits, a business must be Zone-certified: See description of the Certification Process.

Other incentives inclue:

Utility Rate Savings: Special 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 Empire Zone may receive significantly reduced rates.

Technical Assistance: Each local Zone office is staffed with a Zone Coordinator qualified to assist businesses locating or expanding in an Empire Zone.

Utility Rate Reductions: Varies by utility; businesses that locate or expand their operations in an Empire Zone may receive significantly reduced rates.

Permitting Assistance: Procedures are available for expediting the issuance of required local permits and licenses.

Other Financial Incentives: Other incentives that may be offered to businesses include a preference for IDA private activity bonding authority for projects located in an Empire Zone, programs to stimulate small business development, special loan program set-asides, and more.