Empire Zone Program
Hunts Point & Port Morris Empire Zones
New York State's Empire Zones offer special incentives to encourage economic development, business growth, and job creation. For more details, contact your local Zone Coordinator: for Hunts Point, the Hunts Point Economic Development Corporation at 718.842.1717 and for Port Morris, SoBRO at 718.292.3113.
Qualified Empire Zone Enterprises (QEZEs)
Businesses located or expanding in the two Bronx Empire Zones may be eligible for sales tax exemption, as well as real property and tax credits. The purpose of the program is to give companies increasing their employment the opportunity to operate on an almost "tax-free" basis for up to 15 years.
Wage Tax Credit
This credit is available for up to 5 consecutive years for hiring full-time employees and newly created jobs. For employees in special target groups, this credit equals $3,000 a year, with a credit of $1,500 a year for all other new hires.
Investment Tax and Employment Incentive Credit
Businesses that create new jobs and make new investments in production, property and equipment may qualify for tax credits of up to 19% of the company's eligible investment.
Zone Capital Credit
A 25% tax credit against personal or corporate income taxes is available for the contribution or purchase of shares in a zone capital corporation; or for a direct equity investment in a certified zone business; or for contributions to approved community development projects within an Empire Zone.
New Business Refund
Businesses new to New York State are entitled to a 50% cash refund on unused credits.