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Text Box: If You Are Improving Your Physical Facility…… Real Property Tax Abatement. Property owners may file for an abatement of town, county and school taxes on the value of improvements to real property. The abatement is seven years at 100%, decreasing over the last three years of the exemption. There are no fees or minimum investments required to apply. Property owners do not need to be certified for the program in order to apply. Simply submit a one-page form to the Town Assessor’s Office upon completion of the project. Sales Tax Refund. Purchases of building materials to be used for commercial or industrial real property are eligible for a refund of sales taxes. There are no fees or minimum investments required to apply. Property owners do not need to be certified for the program in order to apply. Simply submit a one-page form to the State to claim the qualified refund. If You Are Investing In Production Equipment…… Investment Tax Credit. Equipment purchases that are eligible for the ‘standard’ state investment tax credit of 5% may double that credit to 10% for being located in the EZ. If the equipment purchase is accompanied by an increase in employment, the

Text Box: company has received its certification to become enrolled in the zone program. As the process may take 8 to 12 weeks, it is recommended that companies apply for certification well before any significant, qualified purchases. Once your company has the exempt certificate, simply submit a copy of the certificate at the time qualified purchases are made. Real Property Tax Refund. Companies that own their property may be eligible for a refund of property taxes proportional to their increase in employment within the zone, compared to employment levels the year before certification. Simply submit the appropriate tax form with your annual tax return. Tax Reduction Credit. Companies that meet the five year test may also be eligible for a credit against their income taxes based on the same calculation used for the Property Tax Refund and a calculation of the company’s zone allocation. Simply submit the appropriate tax form with your annual return (same form as the Property Tax Refund).

When looking at the Empire Zone and what it can mean for your business, it is important to ask a couple of key questions

The Empire Zone program has a minimal amount of administrative requirements. Below are a few tips for making the administration of the Zone Program go as smoothly as possible.

General Zone Info.

Helpful Hints

Requirements of certification