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BROOME COUNTY/TRIPLE CITIES
EMPIRE ZONE The Broome County/Triple Cities Empire Zone includes portions of the Town of Union (including the Villages of Endicott and Johnson City), City of Binghamton and the Town of Kirkwood. The Empire Zone program offers incentives designed to attract new business and retain existing businesses. Businesses making investments and/or creating new jobs are eligible for Empire Zone certification. Certified Empire Zone businesses in the Town of Union (including the Villages of Endicott and Johnson City) maybe eligible for the following *incentives: 1. Wage Tax Credit: A wage tax credit is available for up to five consecutive years for each new full-time job created. The credit is $1500 for each new employee and $3000 for each new targeted employee. 2. Low Interest Loans: Empire Zone Loans may be available through the Statewide Zone Capital Corporation (SZCC) loan funds. Other loan assistance may be available through the Town of Union Economic Development Department/Local Development Corporation by contacting Joseph M. Moody at (607) 786-2945. 3.
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.
Full refund of sales tax paid on building
materials only. 4. Sales Tax Exemption: An exemption from the State’s portion of the sale tax on nearly all taxable purchases of tangible property and services is available to Qualified Empire Zone Enterprises (QEZE). Exemption is available for 120 months. 5. Real Property Tax Credit: This credit is available to QEZEs that pay real property taxes on property in the Empire Zone. It is based on total wages and benefits paid to net new employees. Tax credit may not exceed real property taxes paid. Credit is available for 10 years. 6. Tax Reduction Tax Credit: This credit is available to QEZEs. It is computed by formula based on the number of jobs created, company assets in the Zone and in the State, and income taxed owed by the company. Credit is available for 10 years. 7.
New York State Electric & Gas:
A rate reduction of approximately .01¢ per
kilowatt hour on electric may be 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.
Contact Roger Williams at NYSEG: (315) 789-8779
ext. 4248. 8. Investment Tax Credit (ITC): This credit is available for the purchase of production property and equipment. The credit is 10% under the corporate franchise tax and 8% for personal income tax. An additional Employment Incentive Credit is also available to corporations that create new employment. This credit equals 30% of the ITC for each of the following three years in which the investment was made. 9. Verizon Discount: Five percent will be deducted from your monthly phone bill. This applies to your basic service fee and regional calls only. 10. 485-e Real Property Tax Abatement: A local property tax abatement on the increased assessed value attributable to capital improvements on real property constructed, altered, installed or improved in an Empire Zone. The amount of the exemption will be 100% on the increase in assessed value for the first 7 years and gradually decreases in years 8, 9, and 10. The property must be located in an Empire Zone, but Empire Zone Certification is not necessary to apply for this incentive. Must apply directly w/Town of Union Assessor. For more information, contact Joseph M. Moody, Town of Union Economic Development Director/Former Broome County Empire Zone Administrative Board Chairman at (607) 786-2945 (Updated 12/14/2005) *Incentives are subject to change. |
