The New York State Empire Zone program was created to attract new businesses, encourage the growth of established businesses and create more jobs in the State of New York by offering a variety of Tax Credits, Refunds and Exemptions.

North Shore Industrial Park will be located within one of the qualifying Empire Zones, therefore qualifying tenants to benefit from the following incentives*;

Wage Tax Credit -$1,500 per employee ($3,000 for employees in special groups.)

• For businesses hiring full-time/full-time equivalent employees
• Credits are available for up to five consecutive years
• Credit increased $500 for workers with wages over $40,000 in investment zones.
• Unused credits can be forwarded indefinitely
• New businesses (taxable for five years or less) eligible for 50% refund of unused credits.

NYS Sales Tax Refund - A 4% sales tax refund for the purchase of building materials for use in construction or renovation of your space in North Shore Industrial Park.

Investment Tax Credit - 10% (8% for personal income tax filers) of eligible investment can be taken for credit.

• For businesses investing in the zone for depreciable property and/or equipment which is principally used in manufacturing, processing, assembly, industrial waste treatment or air pollution-control facilities, R&D or financial institutions
• Unused credits can be forwarded indefinitely
• New businesses are eligible for a 50% refund of unused credits
  • Additional Employment Incentive Credit equal to 30% of the investment tax credit available for each of the three years after the Investment Tax Credit (ITC) is claimed if employment is increased when the investment is made.
    
  • Unused credits can be forwarded indefinitely
    
  • New businesses (personal income tax only) are eligible for a 50% refund of unused credits.
    

Zone Capital Credits - 25% tax credit for personal or corporate income tax payers for eligible investments or contributions to approved community development projects*.
Lifetime limit of $100,000 in zone capital credits per contributor for Community Development Projects and $100,000 lifetime limit in zone capital credits per investor in a Direct Equity Investment project.

Enhanced benefits for Qualified Empire Zone Enterprises (QEZE) and North Shore Industrial Park Tenants

Sales Tax Exemption - Exemption from the State portion of the sales tax at the point of purchase is available for most goods and services used directly and predominantly (50%) in the zone.

• Utility services qualify for the exemption if used or consumed directly and exclusively (100%) in the zone.
• Telephone services are exempt if delivered and billed to the business at an address in its zone.
• Exemption from any locally imposed sales tax may also be available
• Exemptions run for 120 consecutive months from the effective date on the sales tax certification issued by the Department of Tax and Finance, provided the business continues to meet the employment test each year
• Once certified as a zone business by ESD, a business would fill out a DTF-80 - Application for a Qualified Enterprise Zone Enterprise (QEZE) Sales Tax Certification - issued by the Department of Tax and Finance. If approved, a business would receive a DTF-81, QEZE Sales Tax Certification. The business may begin to make exempt purchases using form ST-121.6, QEZE Exempt Purchase Certificate, as of the effective date shown on its DTF-81.

Real Property Tax Credit - This credit is paid based upon a formula of job creation, wages, benefits and/or investments made (ask agent if additional details apply to your business).

• Credit available for 10 years
• Unused credits may be obtained as a cash refund in the year they were earned.

Tax Reduction Credit - Based upon your employment growth, credit against tax equal to percentage of income tax attributable to your business.

• Credit available for 10 years and can reduce your business' tax liability to zero (eliminating alternative and fixed dollar minimum tax)

Check with your agent - regarding utility companies (including gas, electric and telephone services) that offer rate reductions to North Shore Industrial Park tenants.

* Discuss particular benefit details, eligibility and limitations with your Agent!