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The New York State Empire Zone (EZ) Program offers an array of incentives including tax credits and utility discounts in 11 New York City Empire Zones.
Businesses must be located in an EZ or qualify as a regionally significant project, and become zone certified. To become zone certified, a business must demonstrate that it will create new jobs and/or make investments in the EZ that are consistent with the local zone’s development plan. The Department of Small Business Services and local Zone Coordinators are available to assist businesses determine if they qualify for zone certification.
Not-for-profit organizations located within the EZ do not require zone certification to apply for Capital Credits.
New York City Empire Zones include: • Bronx: Hunts Point and Port Morris • Brooklyn: East Brooklyn, North Brooklyn / Brooklyn Navy Yard, and Southwest Brooklyn • Manhattan: Chinatown / Lower East Side and East Harlem • Queens: Far Rockaway and South Jamaica • Staten Island: North Shore and West Shore
Empire Zone Capital Credits A 25% tax credit is available for personal or corporate income tax payers for eligible investments in certified zone businesses (Direct Equity Investment Project), or contributions to approved nonprofit organizations located within an EZ (Community Development Project). • There is a 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. • Investments or contributions eligible for EZ Capital Credits must be aligned with the goals set forth in the local zone development plan; contact the local Zone Coordinator for a copy of this plan. • All investments and/or contributions must be for “brick and mortar” projects, which mean that tangible property is being built or renovated.
1.
A for-profit businesses must be a certified EZ business. For more detail on how to become EZ certified, contact the Local Zone Coordinator. A list of contact information for Local Zone Coordinators is included under the link titled Additional Information, Maps of NYC Empire Zones, and Local Zone Coordinators, above.
2.
Not-for-profits must be located within an EZ. Not-for-profit organizations do NOT require EZ certification to be eligible for EZ benefits, including Capital Credits.
3.
Not-for-profit Community Development Projects must fall within the following categories: child care projects serving the zone community; community development projects in direct support of economic development and business revitalization; or business development activities of a local development corporation.
4.
A project description is required addressing how the project will benefit the zone community, promote the development of new business, and the expansion of existing business.
Contact the NYC Department of Small Business Services (SBS) or the Local Zone Coordinator to verify eligibility. Contact information for SBS is listed below under Contact Information, and is provided under Links to Additional Information, above (“Additional Information, Maps of NYC Empire Zones, and Local Zone Coordinators”) for all local Zone Coordinators.
This page provides general information only. The information does not address all relevant regulatory requirements of City, State or Federal Agencies, nor does it address requirements with which the business must comply on an ongoing basis. It is the business owner's responsibility to meet all City, State and Federal requirements. Failure to comply with all applicable laws and regulations may result in fines or in the suspension and/or revocation of licenses or permits, or other penalties as allowed by law.
Please note that this information is not legal advice; you can only obtain legal advice from a lawyer. For more information or assistance, please contact the issuing Agency, using the contact information above, or call 311 (or 212-NEW-YORK if outside of New York City).
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