An Empire Zone location offers financial and tax incentives for new or expanding businesses. This can mean significant savings for corporations and investors through a variety of resources and opportunities for businesses exploring startup or expansion projects.
To learn which areas of Cortland County are in the Empire Zone, view the maps section of our site.
How the Empire Zone Can Benefit Your Business
An Empire Zone location offers financial and tax incentives for new or expanding businesses. This can mean significant savings for corporations and investors through a variety of resources and opportunities for business and property owners. The benefits associated with the Empire Zones Program are credits against New York income tax liability or franchise tax liability. In addition, the program features utility rate reductions and sales tax exemption benefits for qualifying businesses.
Tax credits and benefits available in the Empire Zone Program include:
- A Wage Tax Credit for new hires per new full-time job created in an Empire Zone
- Investment Tax Credit for qualified investments
- Employment Incentive Credit for increased employment in the tax year following the placement of qualified investments
- Credit for Real Property Taxes
- Tax Reduction Credit
- Zone Capital Tax Credits equal to 25% of investments made to a Zone business, or donations made to a community development project located in an
- Empire Zone
- Utility rate deductions
How a Business Can Become "Zone Certified"
In order to receive Empire Zone benefits, a business must be located within the Zone and planning to expand or create new jobs. If your business is already located in the Empire Zone, we invite you to call the Cortland County BDC at (607) 756-5005 or e-mail empirezone@cortlandbusiness.com to explore the program in more detail.
We will meet with you to explain the tax benefits and work with your business to guaranty the best the program has to offer.