Incentives
The Broome County EZ may be a virtually
tax-free zone in "best case" situations. Only certified EZ businesses are
eligible for EZ incentives. To learn more about becoming a
certified EZ business, check out the EZ
Certification page. If you become certified, your businesses
may be eligible for the following incentives.
The three new Empire Zone credits are:
Wage Tax Credit: A state tax credit
of $1,500 or $3,000 for five consecutive years for each newly created
job.
Low Interest Loans: Empire Zone Loans available. Other loan
assistance available through: Binghamton,
call Joel Boyd at (607) 772-7161; Town of Union, call Joe
Moody at (607) 786-2945 or the Broome County IDA at (607) 584-9000.
Sales
Tax Refund: This refund applies to both State and County
sales tax paid on purchases of building materials used in renovation
and/or new construction of commercial or industrial buildings in the
zone.
Sales
Tax Exemption: Applies to all tangible property purchased for
your business, including office supplies, computers as well as company
vehicles. Exemption
certificate issued annually if employment is retained or increased in
Zone.
Real
Property Tax Credit: New York State tax credit.
Based on number of jobs created or retained in the Zone and in
the State and the amount of real property taxes paid in the Zone and in
the State.
Tax
Reduction Tax Credit: Is a State income/franchise tax credit that can shield up to 100% of a QEZE’s taxable income generated from its operations within an Empire Zone from taxation by the State. The amount of the credit is a function of employment increases. This is a 10 year benefit.
New
York State Electric & Gas:
A rate reduction on electric is
available from NYSEG on any added demand for existing customers or the
entire load for prospective customers. The added electric
load must be a minimum of 25 kilowatts and applies to NYSEG service
classes 2, 3, 7 and 9. NYSEG must be notified prior to adding new load
or prior to activation of a new account.
Investment
Tax Credit (ITC): A state tax credit of 8 percent or 10
percent is available to manufacturing businesses, under the personal
income tax and corporate franchise tax. A second credit, the Employment
Incentive Credit, (30 percent of the ITC), is also available.
Verizon
Discount: Five percent will be deducted from your monthly
phone bill. This applies to your basic service fee and regional calls only.
For more information on local economic
development programs, see our Resources
page. For detailed information on the New York State tax
incentives, visit the NYS
Department of Taxation and Finance website
To calculate the approximate zone benefits, download the Zone
Benefits Calculator. This publication is in Excel format
and requires Microsoft Excel or the Microsoft Internet Explorer Excel
browser plug-in.