An Empire Zone is an area of up to two non-contiguous miles, in which tax incentives are offered by the state of
New York
New York most commonly refers to:
* New York (state), a state in the northeastern United States
* New York City, the most populous city in the United States, located in the state of New York
New York may also refer to:
Places United Kingdom
* ...
, under the
Empire Zones Program.
History
The
New York State Legislature
The New York State Legislature consists of the Bicameralism, two houses that act as the State legislature (United States), state legislature of the U.S. state of New York (state), New York: the New York State Senate and the New York State Assem ...
created the Economic Development Zone program in 1986 to specific areas of the state more attractive economically. It was revised and expanded in 2000 (easier to create new zones of development), and Economic Development Zones were renamed Empire Zones. In 2009, Empire State Development (ESD) reported 82 Empire Zones statewide where over 9,800 certified businesses employed over 380,000 people. However, the cost of the program also escalated from $30 million in 2000 to $582 million in 2008. It was criticized by the New York Citizens Budget Commission for being easily manipulated through fiscal montages for tax evasion purposes. A 2004 audit report by the State Comptroller concluded to a "poor financial management by the Zone Administration Boards". Another report showed that 70% of the companies receiving Empire Zone benefits failed to meet the job creations targets.
For Assemblyman
Richard Brodsky
Richard Louis Brodsky (May 4, 1946 – April 8, 2020) was an American lawyer and politician from New York. Brodsky served in the New York Assembly from 1983 until 2010.
Early life and education
Brodsky was born on May 4, 1946, in Brooklyn, New Y ...
of Westchester, the program was "corrupt and ought to be shut down."
The program was shut down in 2010, but its terms still applied for many businesses years after it stopped. Maintaining its engagement towards the previously certified businesses cost the state of New York an additional three to four billion dollars. According to Empire State Development's release:
Description
Qualifying businesses within these zones could apply for these incentives:
*Wage Tax Credit
*Zone Capital Credit
*New York State
Sales Tax
A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow the seller to collect funds for the tax from the consumer at the point of purchase. When a tax on goods or services is paid to a govern ...
Refund
*
Real Property
In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, refers to parcels of land and any associated structures which are the property of a person. For a structure (also called an Land i ...
Tax Credit
*Tax Reduction Credit
References
External links
Empire State Development Empire Zones Page
Taxation in New York (state)
Special economic zones of the United States
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