NYS Empire Zone Incentives

New York’s Empire Zone program was created in 1986 to stimulate economic growth through a variety of tax incentives for businesses new to the state or existing business in the process of expanding and creating jobs. In today’s challenging economic climate, these incentives are proving a cash flow boon to many businesses in the State.

If you’re thinking it’s time to expand, then it’s time to think about the Empire Zones.

Through the Zones, the State targeted certain geographical areas As of 2009, there are 85 Empire Zones, and more than 8700 certified businesses employing more then 344,000 people.

The list of financial incentives is impressive and includes:  

• Wage tax credit
• Investment tax credit
• Employment incentive credit
• Zone capital credits
• NYS Sales Tax refunds
• Real property tax credit
• State income tax reduction credit
• Various affiliated local government credits

23 years of experience in Zone certification and credit calculation

Since the inception the Empire Zone program, EFP Rotenberg has been assisting clients in the complex process of qualifying for certification, and then making the annual calculation on the credits that apply. Within our large tax department, a number of partners and staff have extensive experience in Zone applications and long-term relationships with Empire Zone Coordinators.

We stay on top of the continuously changing trends and regulations for the Zone so that clients don’t miss out on opportunities for which they’re eligible, or rely on credits whose eligibility rules may have changed. In addition, we can sort out the overlapping and often confusing interactions between the various credits. The State made significant changes to the law in April of 2009.  

A large, dedicated tax team

We’ve assembled the largest team of dedicated tax experts among the region’s locally owned firms. That means you benefit from the talents of people who know the tax code through and through, at a rate that’s more Main Street than Wall Street. Among the benefits of working with us:

• A partner is assigned to every engagement.
• We make every effort to assign you the same team members each year, for continuity of service.
• We make the best use of technology, including a paperless system that means your records are always available at the touch of a button.
• We augment our technology with careful proofing and checking.

Read more about our tax services.