HORNELL-CORNING-STEUBEN COUNTY EMPIRE INVESTMENT ZONE
TAX CREDITS AND BUSINESS INCENTIVES

Certified Businesses may be eligible to receive the following tax credits and exemptions.  Refer to each credit and exemption for specific eligibility requirements, which can be obtained, from New York State Department of Taxation and Finance web site at www.tax.state.ny.us or at the Empire Zone Assistance Line 1-888-372-0020.  Also refer to

Forms and Publications for Technical Service Bulletins, Publications, and NYS Tax Forms/Instructions.    

EZ Wage Tax Credit: This credit is available for up to five consecutive years for companies hiring full time employees in newly created jobs.  For employees in special targeted groups, this credit equals $3,000 per year, with a credit of $1,500 per year for all other new hires.  These credits are increased by $500 for workers with wages over $40,000.

EZ Investment and Employment Incentive Credits: Businesses, which create new jobs and make new investments in production, property and equipment, may qualify for tax credits up to 19% of the company’s eligible investment. Investment must be principally used in manufacturing, processing, assembly, industrial waste treatment or air pollution-control facilities, research and development or financial institutions.  

New Business Refund: Businesses new to New York State are entitled to a 50% cash refund of unused EZ Wage Tax Credits and Employment Incentive Credits.  Other businesses may carry forward unused credits indefinitely. 

Sales Tax Refund or Credit: Purchases of building materials to be used for commercial or industrial real property located in an Empire Zone are eligible for a refund or credit of NYS sales taxes.   This refund or credit is also available to non-certified businesses within the zone which otherwise qualify.   

Qualified Empire Zone Enterprise (QEZE) Sales Tax Exemption: Qualified Empire Zone Enterprises are granted a ten-year exemption form State Sales tax on purchases of goods and services (including utility services) used predominately in an Empire Zone.  The QEZE Sales Tax Exemption requires a separate application and approval by New York State Department of Taxation and Finance.  

Qualified Empire Zone Enterprise (QEZE) Credit for Real Property Taxes: Qualified Empire Zone Enterprises are allowed a refundable credit against business or income taxes equal to the real property taxes paid in the zone.  The credit is available for ten years

 Qualified Empire Zone Enterprise (QEZE) Tax Reduction Credit: Qualified Empire Zone Enterprises are allowed a credit against business or income tax equal to a percentage of taxes attributable to the zone enterprise. The credit is available for ten years

 Utility Rate Savings:  Reduced electrical and gas rates may be available. Contact the Zone for further information.  Requires separate application and approval by the utility. 

Zone Capital Credit: A twenty-five percent tax credit against personal or corporate income taxes is available for a direct equity investment in a certified zone business or for contributions to approved community development projects within the Zone.  Contact the Zone for additional information and eligibility requirements.