EDC Vision August






IN THE EMPIRE ZONE

EDC hosted a well-attended and informative seminar at the Queensbury Hotel on August 1 to inform the business community about important changes to the Empire Zone legislation as it affects Warren County.

"Your first step on the road to the Empire Zone Certification is EDC's office," explained Pat Hamilton, Program Associate, Empire Zones Program. "The local agency, which in Warren County is the Economic Development Corporation, will assist businesses with their application and provide the initial review before forwarding it on to my office for approval."

After introducing maps of the newly designated zones for Warren County, Suzanne Reusch, Outreach Services, NYS Dept. of Tax and Finance, took attendees through a very detailed introduction to the current tax advantages the program offers certified businesses, including those enterprises that are already "grandfathered in" through previous certification. She describes her role as helping businesses (and their tax advisers) through the myriad tax advantages available to Qualified Empire Zone Enterprises (QEZEs), including:

  • Sales tax exemptions
  • Credit for real property taxes
  • Tax reduction credit
  • Wage tax credit
  • Investment tax and employment incentive credits
  • New business refund
  • Utility rate savings
  • Zone capital credit
  • Sales tax refund or credit
  • Real property tax abatement

In addition to the EDC Offices, you can learn more about the Empire Zone Program by visiting their Web site: www.empire.state.ny.us