EDZ Wage Tax Credit provides employers with up to $1500 wage tax credit for each targeted employee paid at least 135% of the minimum wage and a $750 credit for other individuals employed in the EDZ. Targeted employees include New York State residents that are eligible for the federal Targeted Jobs Credit Act, or for the federal Job Training Partnership Act, are previously unemployed, public assistance recipients, or have income below the US Commerce Department's established poverty level. This credit may be taken for up to five consecutive years and is only applicable to firms that expand by adding new full-time employees.
State sales tax exemption is available through a refund credit process to the contractor or builder for purchases of building materials used in connection with industrial or commercial property. This exemption does not apply if the property is to be used exclusively by one or more retail vendors.
A 25% capital tax credit is available for qualified investments and contributions to EDZ capital corporations, investments in certified zone businesses, and contributions of money to not-for-profit community development projects that have been approved by the Economic Development Zone Board.
EDZ investment tax credit (EDZ-ITC) is available for investments on manufacturing property, industrial waste treatment facilities, air pollution control facilities, and research and development property acquired or built in the Economic Development Zone. Corporate businesses are entitled to a 1 0% investment tax credit, while personal income taxes (i.e. sole proprietorship) are entitled to an 8% investment tax credit.
-In conjunction with the investment tax credit, the employment incentive credit (EDZ-EIC) provides an additional three percent credit (or 30% of EDZ investment credit) for corporations that continue to expand EDZ employment (employing at least 1 01 % of the average number of employees in the year before the EDZ investment tax credit was claimed). This credit may be claimed in each of the three years following the year in which the EDZ investment tax credit was claimed.