QEZE Tax Reduction Credit
Based on number of jobs created, the company’s assets in the Zone and income taxes owed by the company, Qualified Empire Zones Enterprises (QEZE) can receive a credit against business corporate taxes, personal income taxes, bank corporate taxes or insurance corporate taxes for a 15 year period: 10 years at 100% decreasing 20% each year thereafter.

QEZE Real Property Tax Credit
Qualified Empire Zones Enterprises that own real property may receive a credit against their business corporate taxes, personal income taxes, banking corporate taxes or insurance corporate taxes. Unused credits are refundable in the year that they were earned. The credit is available for 15 years: 10 years at 100%, decreasing 20% each year thereafter. The Credit is calculated based on the number of jobs created and the real property taxes paid on property in the Zone. The company’s eligibility is determined annually.

QEZE Sales Tax Exemption
Qualified Empire Zones Enterprises may be exempt from the 4% NYS sales and uses tax on tangible personal property and services (including utility services and owned vehicles) exclusive to the operation of a QEZE.  The credit is available for 10 years.

• Wage Tax Credit: A $1,500 credit per employee for up to five consecutive years for hiring full-time employees in newly created jobs. For employees in targeted groups, this credit equals $3,000 per year
• Employment Incentive Credit: A credit for creating new employment. This credit equals 3% of the investment cost, and it is taken in each of the 3 years following the initial investment credit
• Investment Tax Credit: A credit for the purchase of property and equipment related to production, R&D, and industrial waste treatment. The credit is 10% under the corporate franchise tax and 8% for personal income tax
• Sales Tax Refund: Purchases of building materials to be used in connection with commercial or industrial properties located in an EZ is eligible for a refund of the 4% NYS sales and use taxes
• Utility Discounts: Potential utilities discounts are available through the City’s Energy Cost Savings Program (ECSP), KeySpan and Verizon
• Zone Capital Credit: A 25% tax credit, against personal or corporate taxes for contributing or buying shares in a zone Capital Corporation; or for a direct equity investment into a zone-certified business; or for cash donations to approved community development projects within EZs
• Statewide Zone Capital Credit Corporation Loan: Low interest rate loan for Zone-certified businesses at 5% APR for the first 3 years and 7% for the remainder of term. Loans range from $3,000 to 300,000

• Empire State Development Corporation’s ESDC Empire Zone
• New York State Department of Taxation and Finance NYS Empire Zone
• New York City Department of Small Business Services SBS Empire Zone